AUDUSD - Making its way back

AUDUSD (1H) - short term bullish bias

Following its rebound from the 50% (0.6845) Fibonacci retracement level on the daily chart, the Aussie continues its way up towards the previous high of 0.6930. Both 20 and 30-hour moving averages saw strong buying interests during minor pullbacks and have provided solid support so far. The RSI indicator has yet to show any sign of over-heating. The break of the resistance level of 0.6897 has boosted buyers' mood and we may expect the rally to carry on.

Key support: 0.6875
Key resistance: 0.6930