Technical Analysis: AUDUSD bulls are on their way to June month top near 0.7065
While paying more attention to the stimulus of 750 billion Euros, AUDUSD pays a little heed to the RBA Governor Philip Lowe's signals for the rate cut. Also favoring the pair's upside is the US dollar weakness and hopes of further fiscal help from the US, Australia and the UK. On the technical side, a clear break of the last week's top confirms the rounding bottom formation, which in turn targets an ascending trend line since July 07, near 0.7060. However, the pair's further upside may have to cross June month's peak surrounding 0.7065 to aim for the July 2019 top of 0.7083.
On the contrary, the pair's break of the monthly support line, at 0.6965 now, will confirm the bearish rising wedge formation. Though, the sellers will need validation from a 200-bar SMA level of 0.6930 before attacking 0.6900 and June 30 bottom close to 0.6830. It's worth mentioning that there are multiple rests between 0.6830 and 0.6800 with the previous month's trough surrounding 0.6775 acting like a tough nut to crack for the bears.