Buyers Remain Comfortably in Charge in AUD/USD

AUD/USD” data-hasqtip=”2″ aria-describedby=”qtip-2″>AUD/USD turned bullish in the first two weeks of this month, as the USD turned bearish, on softer US ISM manufacturing report, which showed that this sector fell deeper in contraction during November. The upside momentum faded and in the third week this pair retraced lower.

But, the sentiment improved further after US and China agreed on Phase One deal, helping risk assets, such as the stock markets and commodity Dollars. As a result, AUD/USD has been bullish again since then. The uptrend has been pretty straightforward as well.

The price has bean leaning on the 20 SMA (grey) on the H1 chart, which has been providing support on pullbacks and pushing the price higher. This shows that the trend is pretty strong. The other moving averages have been helping as well, when the retrace was deeper, so they are pushing this pair higher. Now buyers are in total control and it looks good going long with the trend, buying at the 20 SMA until this wave of USD weakness lasts.