Move to test the high at 1.08195
The AUDUSD is trading at the highest level May 2015 after a 9 day run that has seen the price move up about 384 pips (8 of 9 days higher).
The AUDNZD has also surged higher over the last 9 trading days. For it, the price has moved from a low of 1.0395 to the high at 1.0814. That is about a a 420 pips move higher. The move higher has taken the price back above the 100 and 200 day MAs at 1.0606 and 1.0683. It also moved above the 50% retracement of the move down from the March 2017 high at 1.6906.
What's next?
The pair is a few pips away from the May 19th high at 1.08195. A move above opens the upside for even further gains.
If the level holds, watch the 1.0755-75 area. Looking at the yellow area in the daily chart above, the area is home to a number of swing levels. Yes... in April and May the price traded above and below the level, but I still think it is a level to eye for support.
Note.. In the new day, the Australian employment report will be released. The expectation is for the employment change to total 15.0K (vs 42.0 K last month). The unemployment rate is expected to move to 5.6% from 5.5%. The rate last month was the lowest since February 2013.
The report will be released at 9:30 PM ET/0130 GMT.
