AUD/USD: Buy-side campaigns far from over as cycles stand

Be reminded that the weekly close last Friday confirmed a bullish outside continuation candle. Even more critical, price found acceptance above the 0.73/7315, allowing further leeway until the next bullish target at 0.7364 daily resistance. The higher auctions we are seeing has also validated a new up-cycle (2nd).

So, with the higher timeframes firmly bullish, the market should continue inclined to find value in engaging in buy-side business on weakness. As I type, the pair has retraced down towards the third test of its ascending trendline on the hourly, from where a new buys9ie campaign into the recent highs may be seen.

Looking at the correlations, the move higher in the Aussie continues to be guided by the up-cycle in the AU vs US yield spread as well as capitalizing on the weakness present in the DXY.