On AUDUSD chart you can see that price broke strong long-term resistance at 0.7700, set a new high and reached highest levels since May 2015. Pair have been moving for a long time in a dynamic bullish trend. This is evidenced by sequence of higher highs and higher lows. Additional confirmation are EMA (75-, 100-period) which are facing upwards. Currently there is a strong breakout impulse. It is worth looking at a chart with a lower time interval.

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AUDUSD Daily

We can see a growing demand pressure on H1 chart. The quotes are below the resistance at 0.7950 and tend toward psychological level at 0.7800. Test of support will likely lead to increased activity of bulls. Emergence of bullish formations will increase chances of breaking the resistance and road to further growth will be opened.

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