AUD/USD - Jumped Above the Sideways Channel - 02/02/2017 (GMT)

The AUD/USD pair had a strong rally to the upside early in the morning, and penetrated the trading range at 0.7510 – 0.7605 that was holding over the last two weeks. Aussie traded higher versus the greenback and rose more than 0.8% yesterday, recording a fresh three-month high at 0.7650 and is moving towards the 0.7740 resistance barrier.

The pair is following an upward move since December 23rd and halted the three red previous months. January was a green month for the commodity pair and the technical indicators are endorsing the recent bullish attitude. On the 4-hour chart, the RSI indicator is approaching the overbought area with slightly strong momentum, as well as MACD oscillator lies above its trigger line and is moving higher in the positive area