AUD/USD is up another 0.5% today with the dollar slipping a little in European trading at the moment. If the gains hold, it will mark 8 out of the last 9 days that the pair has posted an advance. That's a solid run on the part of buyers, that sees them also take out both the 100 (red line) and 200-day (blue line) moving averages now.
The former in particular is a crucial one, as it helped to hold the advance from April and May previously. As buyers push past that now, it sees the pair take on a more bullish bias instead. However, there is just one more hurdle to go.
That being the April to May highs itself, sitting around 0.6800 on the daily chart with the May high price being at 0.6818. I'd still pin the key resistance region to being around 0.6793-00 and if buyers can hold a daily break above that region (and better yet above 0.6818), it will be a massive nod to a further run towards 0.7000 next.
It is certainly enticing to consider the technical play at the moment but this is just one part of the story this week.
It is all about big data and the Fed, so things may not be that straightforward for AUD/USD buyers when all is said and done. Among the key risk events to consider are:
- US CPI (13/6)
- US PPI (14/6)
- FOMC meeting decision (14/6)
- Australia labour market report (15/6)
- China retail sales, industrial production (15/6)
- US retail sales, weekly jobless claims (15/6)
