AUDUSD Gaining Momentum in Bull Trend
The AUD broke a strong resistance level today, and looks poised to close well above it. This should lead to further price increases over the next two weeks. The green back took a hammering against most major currencies today when retail sales came out lower than expected. The momentum on the stochastic day chart looks very strong, fast line just crossing over the lagging line with today’s price action indicating more momentum on the upside is likely. The ADX , which is above twenty and on the rise, and DMI both showing upward price momentum strongly likely, looks like the AUD could be about to start a major bull trend considering also its performance against Yen and NZD.