Highest level since June 24, 2015

The AUDUSD has moved to new session highs - reversing the gap lower opening on recovering commodities. Oil prices are still down but recovered a lot of their losses. The Thomson Reuters CRB index is higher on the day (+0.65%). The pair is trading at the highest level since June 24, 2015.

Looking at the daily chart, the topside trend line cuts across at 0.77745 currently. Above that and there is not a lot of resistance until 0.78.41-47 area (see chart above)

Drilling down to the hourly chart, the buyers today started to get more serious on a move above the 100 hour MA (blue line in the chart below). Once that lien was broken, traders could lean against it, and the squeeze was on. The price has been able to extend the highs from last week and the swing high going back to March 31 (between 0.7722 and 0.7736). This will now be close support. The topside trend line on the hourly chart cuts across at 0.7768 (and moving higher). That is near the line off the daily chart at the 0.7774 currently. That area may give some cause for pause - on the first look at least. Be aware.