AUD/USD - AUD/USD is Still Rising - Profit Booked! - 01/12/2017 (GMT)

The AUD/USD pair printed the fourth consecutive green day in a row and surged more than 2.4% since Monday. The aggressive sell-off of the U.S. dollar drove the Aussie higher hitting our suggested target at 0.7440 with entry level at 0.7395 (see technical analysis here: http://bit.ly/2ifyuAo). The price is on the way of surpassing the weekly bullish crossover within the 50 and 100 SMAs endorsing the thought for further upside movement until the 0.7500 – 0.7520 strong resistance barrier and challenging our second target level.

Technical indicators on the daily chart are biased higher after entering positive territory. The MACD oscillator is moving above both, its zero and trigger lines suggesting a stronger pair in the next few sessions. In addition, the Relative Strength Index (RSI) is following an upward path near 70 level, confirming the recent bullish attitude of the price.