12 straight hourly bars higher.
The price of the AUDUSD is racing to the upside today and trending in the process. Looking at the hourly chart below, the pair has risen in each of the last 12 hourly bars (there was one bar where the price was unchanged). Needless to say, buying a dip today has just not been possible. PS the last bar closed at 0.71178. Can the market make it 13 bars in a row?
Looking at the daily chart, the price is now trading at the highest level since April 23, 2019. The next target comes in at 0.71319. That is the 61.8% retracement of the move down from the January 2018 high price. Above that and swing highs at 0.7204 and the 0.72945 bar the next upside targets from the daily chart perspective. On the downside, the area between 0.7062 and 0.70758 is now close risk. Those levels correspond with the high price from July 2019 and the high price from June 2020 (see green numbered circles)