AUD/USD building on to its gains, jumps to nearly 4-month high

The AUD/USD pair maintained its strong bid tone and is now building on to its gains beyond 0.7700 handle to currently trade at a fresh 4-month high level.

How strong has the move been?

According to the hourly FXStreet OB/OS Index, spot is in neutral territory, while the FXStreet Trend Index is slightly bullish. RSI is in neutral territory at 67.34, up from it’s last hourly close at 66.55, while ADX is ranging above 30 at 25.72, up from 18.48 at the last
hourly close.

Looking to a daily chart, we see that RSI is neutral at 61.85. The 200 SMA is currently at 0.7660, up from 0.7606 at the last period close, and climbing on the hourly AUD/USD chart. Moving in an upward trend, the exponential average closing price is 0.7568.

How volatile has AUD/USD been?

Hourly 2-Standard Deviation Volatility Bandwidth is currently 53 pips, and has been expanding, while the ATR (14) is currently 16 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 262 pips and expanding. The average movement for the current hour has been for 16 pips per hour, over the last four weeks.

Price levels to be considered

With spot trading at 0.7719, we can see next resistance ahead at 0.7722 (Daily High), 0.7727 (Daily Classic R2), 0.7766 (Daily Classic R3), 0.7768 (Weekly Classic R2) and 0.7813 (YTD High).

Support below can be found at 0.7700 (Daily Classic R1), 0.7694 (Weekly Classic R1), 0.7688 (Yesterday's High), 0.7680 (Hourly 20 EMA) and 0.7673 (Monthly High).