Forex: AUD/USD posts daily high at 1.0505

FXstreet.com (Barcelona) - AUDUSD has started the week on a bullish note with spot charging into the US session to post a high at 1.0505.

The pair found early morning classic S1 support at 1.0465 before pushing higher throughout the European session to where it is currently trading, up 0.13% on the days trading and above the psychological 1.0500 level. Despite a glut of soft data out today, the pair has followed the underlying risk sentiment. Ahead, the high since September waits at 1.0515 and in clear range.

Valeria Bednarik, independent Analyst for Fxstreet.com notes that the pair surfed from the daily descendant trend line which was broken last Thursday, which continues to attract buyers on both slides. With strong upward momentum in the hourly chart, the pair continues to be limited below the 1.0510 strong static resistance level.

Looking to the four hour chart, Bednarik that indicators have an upside bias after bouncing from their mid points, suggesting further gains ahead. She writes, "Still, considering latest fake break above 1.0500, steady gains above 1.0510 are required to confirm an upward continuation towards the 1.0570 price zone."