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Has the AUD/USD got eyes on 0.7000 now?

The AUD/USD closed out 2023 near its most recent rebound highs. That rebound had seen it rise from a low at 0.6270 set on October 26, to a high at 0.6871 last seen last Thursday, December 28. The AUD/USD closed on Friday at 0.6813. It has traded a range today, so far covered by 0.6802 to 0.6839. Beyond the high seen last week, the current chart dynamic points to a potential test of a much longer term moving average. That is the 200 week moving average and it is in place today at  0.7011. Of course the 0.7000 level stands just in front of that, so this means it is likely to be very sticky around those levels, if the current recovery extends further. Much will also depend on what plays out in China over the next week or two and also how the wider dollar fares over the same timeframe. In the short term, support at 0.6781 probably needs to remain intact, if the Aussie is to retest the highs seen last week. Even if it does, there is still resistance at around 0.6900 from a previous double top in place there. The AUD/USD is currently trading at 0.6826
 

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