AUD/USD hits new monthly highs, bias higher
Updated
Risk-on back in markets after latest round of Brexit polls showed an overall lead for the ‘remain’ vote. Greenback is being offered in Asia.
AUD finds support from iron ore prices, which jumped out of its steady trading range. Iron ore rose 2% to USD 51.70/tonne.
AUD/USD extends upside to hit new monthly high of 0.7527. Pair has given up some of the gains to currently trade around 0.7518.
Momentum studies are bullish. Upside for now capped below daily cloud top at 0.7528, break above will see further gains.
Our previous call (link below) has achieved TP1&2.
Pair now finds immediate support at 0.7463 (5-DMA) and resistance at 0.7528 (cloud top).
Book partial profits at highs, raise trailing stops to 0.7460, hold for 0.7560
AUD finds support from iron ore prices, which jumped out of its steady trading range. Iron ore rose 2% to USD 51.70/tonne.
AUD/USD extends upside to hit new monthly high of 0.7527. Pair has given up some of the gains to currently trade around 0.7518.
Momentum studies are bullish. Upside for now capped below daily cloud top at 0.7528, break above will see further gains.
Our previous call (link below) has achieved TP1&2.
Pair now finds immediate support at 0.7463 (5-DMA) and resistance at 0.7528 (cloud top).
Book partial profits at highs, raise trailing stops to 0.7460, hold for 0.7560
Trade closed: target reached
Aggressive USD selling seen across the board, amid a renewed bout of risk-on wave.European stocks spiked through the roof ahead of the EU referendum outcome due tomorrow. Bremain now almost priced-in by markets.
AUD/USD spiked higher, upside stalls just shy of 0.76 handle.
Call achieved all targets. Recommend booking full profits, exit trade. Volatility to remain elevated till poll results tomorrow.
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