Last Friday, I discussed how AUDUSD was likely to extend its rally this week, given the close above 0.7030. That’s a significant horizontal level for the pair. {image} Notice how 0.7030 has served as a pivot for AUDUSD since October 2018. Last week’s close above 0.7030 was the first since April of last year. However, as you can see, we never did get a retest of that area as new support. Buyers decided to take on the 0.7160 resistance area first. As I wrote last week, a daily close above 0.7160 would expose 0.7320. That said, I would put that level closer to 0.7180 just to be sure. That’s the level buyers need to ... (full story)