FXStreet (Guatemala) - AUD/USD is consolidating the bullish trend with the 20 SMA at 0.7344 on the hourly chart continuing to offer support and the 50 SMA on the same time frame underpinning that at 0.7309.
Gold and oil in the commodity sector has been the catalyst, albeit with profit taking part as we progress through the US session yet the Aussie holds on.
There is plenty at stake this week with US retails sales and CPI's that are key. Domestically for the Aussie, we get the jobs-report and this is the main focus at the RBA in respect to their monetary rate policy.
AUD/USD bullish/neutral (Spot 0.7380, above Sep highs, RSI's (14) toppy)
AUD/USD targets the 200 DMA at 0.7602 medium term. However, RSI (14) now reads over 69 on the daily charts as the major commodity heads towards overbought territory. In the hourly charts RSI has a little more to go on the upside and next target is 0.7408/27 region.
The momentum indicator on the daily shows strong momentum underpinning allowance for further near term upside and until there is a real test of a correction, say with the 50 SMA on the hourly chart being taken, the charts remains bullish. Above 0.72 psychological support, there is scope for 0.7800 further out where the 20 and 50 MA crossed on June 9th 2015 and a recovery from the downtrend that bottomed at 0.6907 in early September.
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