AUDUSD breaks its 5 week losing streak

AUDUSD on the daily chart

The AUDUSD will be snapping a 5-week down streak. Since peaking on October 28 at 0.7555, the price has moved down to a low last Friday at 0.6992. That move was good enough for 563 pips from high to low.

This week, the low was on Monday just above that last week low at 0.69935. Not being able to move lower, gave buyers the go-ahead to correct higher. This week saw the price move up to a Thursday high at 0.7186 for a high to low trading range of 193 pips