Technical Analysis: AUDUSD stays strong beyond the yearly trendline with eyes on 50% Fibo.
A sustained break of the yearly trend line enables the Aussie bulls to take aim at 50% Fibonacci retracement of late-2018 tops to October 2019 lows, at 0.7030. However, overbought RSI conditions are something that can challenge further buying, if not then July month high near 0.7080 and 61.8% Fibonacci retracement level close to 0.7120 could return to the charts.
Should prices witness a pullback below resistance-turned-support, at 0.6920 now, the 200-DMA level of 0.6900 can give the opportunity of a second thought to sellers. If bears ignore 0.6900 rest-point, 23.6% Fibonacci retracement of 0.6840 will be on their radars.