- AUD/USD charted bullish Marubozu on Thursday.
- The daily chart shows a higher high, higher low pattern.
- Path of least resistance is to the higher side.
AUD/USD is currently trading largely unchanged on the day at 0.7073, having hit a session low of 0.7054 earlier today.
The currency pair created a bullish Marubozu candle on Thursday, which indicates the bulls controlled the price action throughout the day.
More importantly, with the Marubozu candle, the pair has established a fresh “higher high” above the April 7 high of 0.7048.
As a result, further gains to 0.71 could be in the offing. Supporting the bullish case are the ascending 5- and 10-day moving averages, rising MACD and an above-50 reading on the relative strength index.
Daily chart
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Trend: Bullish
Pivot points
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