AUD/USD could duplicate a bullish cycle

AUD/USD could duplicate a bullish cycle

AUD/USD has been gaining momentum across the board and the price action is consolidating well above the 200 SMA at H1 chart. The bulls are looking for a breakout above the highs from May 11 in order to extend the bullish bias towards the Fibonacci extension at 100% in 0.7598, which should duplicate the cycle initiated on May 9th. However, a pullback should go to test the key support at 0.7491.

RSI indicator is hovering around the overbought territory.

AUDUSDH1.png

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