- AUD/USD bulls in command a second consecutive day.
- Hourly bullish crossover formed, RSI above the neutral point.
- Australian GDP favours the up-move.
The AUD/USD consolidated near two-day highs of 0.7391 during the early European session continuing the rally triggered by the US dollar weakness and Australian GDP third-quarter growth upside surprise.
The GDP rose by 3.3 Percent, rebounding strongly from the first recession in nearly 30 years caused by the pandemic.
Earlier today – the 21-hourly moving average crossed above the 50-hourly moving average, a bullish formation that signals further upside in the pair.
Also, the hourly Relative Strength Index moved above the midline and is now at 54.01 – meaning a retest of 0.7400 is possible.
The 0.7437 level will be the next target for the pair, which is a multi-month top.
On the downside, the AUD/USD bulls are supported by the 50-HMA at 0.7365 and further below 200-HMA at 0.7348.
At the time of writing, one Australian Dollar buys 0.7386 US dollars, up 0.24% as of 9:24 AM UTC.
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