Moving average and trend line looms above
The AUDUSD formed a double bottom at the 0.7836 level. The first low was made after retail sales and trade were weaker than expected. The second low was made in the early hour of NY trading. Holding the low (and perhaps the stock market rebound) has helped the move back into risk. The AUDUSD has benefited.
The price is trading at new session highs - taking out the Asia-Pacific high at 0.7890. The high just reached 0.7892.
That is the good/bullish news.
What might be not so bullish, is the pair is approaching some resistance at the 0.7901 level. At that level is the 200 bar MA on the 4-hour and a topside channel trend line. I expect that area to slow the rally. Look for profit taking selling.