- AUD/USD flirts with daily high yet keeps pullback move from one-month low.
- A descending trend line from early October is in view.
- Bears eye a break below 0.7050/45.
US stimulus talk optimism boosts the market mood. AUD/USD hits daily high trading at 0.7080 in early trade on Wednesday. AUD/USD recently broke above a descending trend line from October 14 and 100-HMA amid bullish MACD. Optimism that additional US fiscal stimulus will be agreed helped to boost the risk sensitive pair..
Sustained trading above the resistance , helps AUD/USD buyers to target another descending trend line at 0.7100.
However, a 200-HMA level of 0.7135 could limit further upside past-0.7100.
A break below resistance at 0.7070 will open the door to an immediate support line at 0.7050.
An upward sloping trend line from June, near 0.7045, could also challenge buyers, a break through here could see a south-run towards the 0.7000.