- AUD / USD bulls are bracing for another move up.
- Bullish crossover confirmed on the 1 hour chart.
- The bullish RSI on the 1 hour chart and the bullish Australian GDP in the third quarter offer support to the pair.
AUD / USD moved slightly higher at the start of the European session on Wednesday, consolidating the rally to the two-day high of 0.7391 reached in response to the widespread selling of the US dollar and Australia’s optimistic third-quarter GDP.
Australia’s economy expanded 3.3% in the third quarter, rebounding from its first recession in nearly three decades induced by the crisis related to the coronavirus pandemic.
Price has marked a bullish crossover on the 1-hour chart, with the 21-hour moving average crossing above the 50-hour moving average. The bullish formation points to a further rise in the pair.
The RSI on the 1 hour chart is pointing higher above the midline, currently at 54, supporting the pair’s bullish momentum. Therefore, a retest of the 0.7400 level is likely.
The next relevant bullish target is at 0.7437, multi-month highs.
On the other hand, the immediate drop remains supported by the 50 hourly SMA at 0.7365. Selling pressure could intensify below this level, exposing the 200 hourly SMA at 0.7348.
AUD / USD 1 hour chart
AUD / USD technical levels
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