AUD/USD Price Forecast: Posts higher highs as uptrend extends

AUD/USD continues rising to new highs.
The RSI has stopped its bearish divergence with price.

Joaquin Monfort FXStreet

AUD/USD posts higher highs as it extends its rally and continues the uptrend it began at the start of August.

The pair has now broken above the previous monthly high of 0.6813 it reached on Wednesday. After a short pull back it resumed its uptrend and has broken to new highs. Given “the trend is your friend” is expected to continue rising.

AUD/USD 4-hour Chart

Now that AUD/USD has broken above the previous highs, it sets its sights on the next target at 0.6870, the December 2023 high.

The Relative Strength Index (RSI) momentum indicator has stopped showing bearish divergence with price since surpassing Wednesday’s high. This is a supportive sign for the bullish trend.

Any corrections of the trend would be expected to find support either at Wednesday’s 0.6813 high or 0.6755 if deeper.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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