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AUDUSD Quickly Approaching the 2019 High: Will It Find Resistance?

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AUDUSD HAS BROKEN Q1 AND Q2 HIGHS, THE 2019 HIGH LOOMS ABOVE

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AUDUSD has recently broken to the upside of 2020’s Q1 and Q2 highs as the Aussie dollar bull market steams ahead. The Q2 high at 0.70643 became support on the 24th of July, with the pair rebounding out of the level into new 2020 highs. The 2019 high looms above at 0.72953, raising the question: will we finally see the pair find resistance?

Technically the pair is trading above the Daily 50 exponential moving average and the 200 simple moving average, a technical indication of a bull market. As the USD Federal Reserve left interest rates unchanged at the 29/7/2020 meeting we are looking for the AUDUSD to continue to the upside.

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