The AUDUSD has made a decisive break above the key resistance level 0.7100 and above the 200 moving average. This is a positive development and we should expect the bullish momentum to prevail as long as we trade above the 0.7100. On the upside, the first level of resistance only comes at the 0.7346 level. The stochastic indicator is also in a neutral territory so no reversal is in sight for the time being.
The Australian economic calendar is stacked with high risk events that can give more clarity to the price action. On Tuesday the RBA is set to give its interest rate decision and then on Wednesday the Unemployment rate should be the catalyst for some more volatility.
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