AUD/USD: Hourly Bullish Trend Still Underway

The upthrust bar breaking the 71 cents market has validated a new up-cycle in the hourly chart, with a movement quite strong in magnitude and velocity as stop got triggered it was reported.

The area of support between 0.7090/0.7100 has become the first potential accumulation point for buyers to re-group for a retest of the most recent swing high.

If you are looking to engage in long-side action, wait for at least 2 out of 3 correlated instruments to be in alignment. Currently, equities support the uptrend, bond yield spread does not, so the make or break determiner should be the DXY + Yuan indicator.

Monday’s volume profile structure resulted in a single distribution with the price closing around the same level as the POC. It still provides credence to be a buyer.