- AUD / USD hits new seven-week highs and recovers to the 0.7800 level.
- The daily chart shows margin for a further rise.
- The RSI is pointing higher, while the bulls are pointing to horizontal resistance.
AUD / USD is struggling around the 0.7800 region, reaching the highest levels in seven weeks, as sentiment continues to be supported by the general weakness of the US dollar.
Global economic optimism, fueled by the covid vaccine launches, continues to weigh on demand for the safe-haven US dollar. The RBA’s pessimistic minutes and the PBOC’s inaction had no impact on the Australian dollar.
From a short-term technical perspective, the AUD / USD remains on track to challenge the horizontal trend line resistance (orange) at 0.7853 as the upside breakout of the symmetrical triangle extends into a new week.
Higher up, the February 26 high of 0.7884 remains the next target on buyers’ radar.
With the RSI heading higher near the 62 level, the rally looks more convincing for AUD / USD.
Looking down, immediate support awaits at the 50-day horizontal moving average at 0.7724.
Further down, the round level at 0.7700 could challenge bears’ commitment.
Finally, the slightly bullish 100-day SMA at 0.7679 will likely come to the rescue of the AUD bulls.
AUD / USD daily chart
AUD / USD additional levels
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