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Last Friday, I discussed how AUDUSD was likely to extend its rally this week, given the close above 0.7030.
That’s a significant horizontal level for the pair.
Notice how 0.7030 has served as a pivot for AUDUSD since October 2018.
Last week’s close above 0.7030 was the first since April of last year.
However, as you can see, we never did get a retest of that area as new support.
Buyers decided to take on the 0.7160 resistance area first.
As I wrote last week, a daily close above 0.7160 would expose 0.7320.
That said, I would put that level closer to 0.7180 just to be sure.
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That’s the level buyers need to break, in my opinion.
If they do, we could see AUDUSD surge to 0.7320 and perhaps 0.7480.
A close below 0.7030 is the only thing that would negate my bullish outlook.
Until then, I favor buying dips into support and bullish breakouts from consolidation.