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The AUD/USD pair has reached the 0.7484 July 2018 high but the daily Relative Strength Index (RSI) has not confirmed the new high. Nonetheless, Karen Jones, Team Head FICC Technical Analysis Research, stays bullish while the aussie trades above the 20-day moving average at 0.7366 and targets the double Fibonacci resistance at 0.7574/0.7639.

Key quotes

“AUD/USD remains extremely bid despite the recent high not being confirmed by the daily RSI. The aussie reached the 0.7484 July 2018 peak and will need to close above here for another leg higher.” 

“The pair stays immediately bid near term while above the 20-day ma at 0.7366.” 

“We look for a move to the long-term Fibonacci retracements at 0.7574 and 0.7639. These are the break points longer term for the 2018 peak at 0.8135.” 

“Below the 20-day ma lies 0.7255, the November 19 low, and the 55-day moving average at 0.7226.”