Tests another topside trend line
The AUDUSD is trading at new session highs as I type. at 0.7823 and at the highest level since June 2015.
Looking at the daily chart, the price was able to break above resistance at the 0.7774 area (see video from yesterday). This was the lower red trend line in the chart above. Now, the pair is testing another trend line connecting highs from Dec 30 and March 18. The line come sin at 0.7826. A move above that will look toward the high price from June 18, 2015 at 0.78475.
The Thomson Reuters CRB index is trading higher by 2.19% in trading today. Energy is leading the way at +4.01%. The industrial index is up 2.04%. Aluminium (_+0.93%), Copper (+2.67%), Nickel (+2.52%) are contributing and also helping the commodity currencies like the AUDUSD in trading today.
We will see if there is some profit taking against the area before close. but overall, the buyers remain in control. Close support comes in at the 0.7793-0.7894 area. The 200 and 100 bar MA on the 5-minute chart is in this area.
