After the last week’s excellent jobs data, AUDUSD is over the 12-months long downtrend, for the second time. The first breakout try came up short and could not past Fibonacci %32. On the second try, AUDUSD has already made one close above the resistance.
A possible downside reaction is possible to 200-day moving average or 0.7232 support. But as long as these supports hold, upside pressure might continue, at least to 0.75. But the trend-changing bells already ringing for AUDUSD. The recent COT report shows a big fall for negative net AUD positioning.
As for AUD bears, a breakdown of 0.7232 can be followed as the first major down signal.