AUDUSD breaks above 0.8000 with candles now approaching the 200 EMA on the daily chart. Prices have broken above the support price at 0.8045 and is set to re-test the next resistance at 0.8237 observed on the daily chart. With the trading week coming to an end tomorrow, prices are expected to continue on the bullish run for today and candles are expected to test 0.8237 by tomorrow. However, with the release of U.S PPI m/m and Unemployment claims later in the day, prices may or may not fall depending on the data released.
Observing to the H4 chart, candle now touches Fibonacci Expansion 200.0% at 0.8137 where we await for exhaustion to occur. Candles have yet to show a clear signal of a retracement from the current bullish run. Stochastic oscillator now lies in the overbought region and traders could await for shorting signals when stochastic oscillator hooks below 79. However, taking note that bullish momentum of the pair continues to remain relatively strong, traders should not be overly eager to short this pair as the Dollar continues to remain weak as observed by the various data release from the U.S for the past week.
Focusing on the hourly chart, candles show a quick drawback after touching Fibonacci Expansion 200.0% at 0.8137. This could indicate the start of a retracement should candles once again fail to close above 0.8150(closing price of the previous high on the hourly chart). However, the price region between 0.8099 and 0.8118 could possibly pose as a support which traders should take note of. If candles continue to fall below 0.8099, the next support lies at 0.8062.