15:13, 22 July

Daily Analysis

On Tuesday last week we covered the AUDUSD which surged higher during the week to reach a three month high near 0.71 before easing lower to finish the week. In the last week or so the AUDUSD surged strongly back up to the current key level of 0.7050 and it looked poised to threaten this level and possibly move higher, which it eventually did. Only two weeks ago it tested the level as it reached a seven week high on the back of a steady climb higher over three weeks as it moved from support at 0.6850.
This level has helped prop up the currency pair twice in the last two months. This was a solid reversal from the week prior which saw it drop sharply to its lowest levels for 2019 pushing through any support around 0.6850 for a short period of time.