Can AUDUSD Break 0.723 Resistance as Australia GDP Beat and Golden Crosses Support Bulls?

AUDUSD reached a 3-month high

Last Friday, AUDUSD continued rising. At one point, it reached 0.7214, the highest level since mid-May.

Australia GDP was higher than expected year on year in the second quarter

Australia GDP, y/y (Quarter 2) fell from 2.5% to 2.1% Vs. 1.8% (forecast), according to the data from the Australian Bureau of Statistics.

The USDX climbed

Last Friday, as US Non-Farm Payrolls (August) was higher than expected, the USDX was boosted. It ended up 0.16% at 99.16.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.723. It will jump with potential resistance at 0.728 if it breaks above 0.723.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether AUDUSD will break through the support at 0.719. It will jump if it retreats but is stable above 0.719.

Key resistance: 0.723,0.728

Key support: 0.719,0.717

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as AUDUSD retreats during the day.