On Saturday, strong PMI figures from China for May were published, providing an optimistic start to the new week. The Manufacturing PMI rose from 49.0 to 49.5, and the Composite Index improved from 50.2 to 50.4. Not even today's Australian Manufacturing PMI, which declined from 51.7 to 51.0, could dampen this optimism.
After a brief (three-day) stay within the 0.6394–0.6444 range, the Australian dollar broke out forcefully this morning and is now heading toward the first target at the price channel line of 0.6548. A breakout above this line will open the path to the second target at 0.6650. The Marlin oscillator's signal line turns upward after a three-day "rest" at the zero line.
The price has consolidated above the MACD indicator line on the four-hour chart and above the 0.6444 level. The Marlin oscillator has also secured a position in the positive trend territory. At the moment, the uptrend is prevailing.
