Hours ago, the AUDUSD came within just 40 pips of taking out the May high at 0.7550. The pair is currently up 150 pips since the May 9th low of 0.7328 and is just above the month open at 0.7466.
The Australian dollar is facing stiff competition today. The 0.7500 handle is a level we’ve discussed numerous times since March.
And although its relevance was questionable between April 26th and May 3rd, it remains a level of interest at least for my part.
We can even see that sentiment playing out so far today. Although bulls have managed a 4-hour close above 0.7500, the big question is whether they can pull off a daily close above it at 5 pm EST.
Daily Price Action
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