Technical Analysis: AUDUSD clears key hurdle to 0.8000

Technical Analysis: AUDUSD clears key hurdle to 0.8000

Friday's ultimate disappointment from the US Nonfarm Payrolls (NFP) propelled AUDUSD to cross a four-month-old key hurdle. The upside momentum gains support from a strong RSI line, not overbought, to refresh the highest levels in ten weeks. The bulls seem currently targeting the 0.7900 threshold before attacking the 0.7930 resistance. However, any further upside past-0.7930 needs to cross the 0.8000 key barrier to the north, else a profit-booking move can't be ruled out.

Meanwhile, a daily closing below 0.7820 will have multiple supports around the 0.7800 level and 0.7755-50 area ahead of battling the key confluence near 0.7710, comprising monthly support line, 50-day and 100-day SMA. Although AUDUSD weakness past-0.7710 becomes less expected, a surprise downtick will have to remain below the 0.7700 round figure to retest the early April tops near 0.7675.

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