The Australian dollar is at the highest level since December after breaking through a double top at 0.9086.
Yesterday UBS recommended a long AUD/USD trade and it’s off to a sensation start with the pair up 115 pips today on strong Australian retail sales and trade balance numbers. They’re looking for a rise toward the 61.8% retracement of the Oct-Jan slump. There’s also an inverted head and shoulders at work with the neckline now breaking.
AUDUSD daily chart
I made the bullish case for this pair on Tuesday and the importance of the 55-day.
