The AUDUSD broke and closes above the key resistance level 0.7200 and above the 200 moving average. Now, as long as we trade above these two technical levels the bulls should remain in control. The next resistance level comes at 0.7346 followed by 0.7443 the top of the previous trading range. There are no extreme reading on the stochastic indicator to suggest a reversal, but the two resistance level mentioned earlier should give us decent sell-offs.
On the downside the support level 0.7200 is the first area of interest, but we first need a break and a close below the 200 moving average. There are no major risk events scheduled on the Australian economic calendar that can impact the market volatility. We should expect a more technically driven market in this sense.
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