The Australian dollar is the most favored currency for raw materials in foreign exchange markets and, therefore, this is a great way to keep an eye on the global risk appetite. It rose during Thursday's session to the level of 1.0442, maximum from 1 May. The AUD is showing bearish move now and could become a figure of continuation trend, and with the area of 1.06 in the upcoming days.
The level of 1.03 was significant resistance during the past two weeks. Now it is broken and the pair is trading above the moving average of 200 periods (blue) and having a very strong uptrend.
Therefore, we recommend buying the pair back in the levels of the 200 period moving average around 1.0280 or 1.0140 further down. Our medium-term goal can be located at 1.0611.
If you need a personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com
