Market Analysis: Bullish yearly end close if Aussie bulls can hold AUD/USD above 0.7150?

Last week on Monday in our Weekly Market Outlook, we pointed out that there was a serious chance to see a significant push above the resistance around 0.7300/7330 in the AUD/USD currency pair. While we indeed saw such an attack, the follow through failed to appear, and AUD/USD fell back 0.7300 USD. One reason for that was surely the push lower in US equities and here especially within the US technology sector, where Apple shares saw an extension of their losses to over 20% from their 'All Time Highs', marked on 3 October 2018, whipping out more than 220bln USD in market cap within six weeks (note: this is more than the annual GDP of Portugal for 2017.)

Source: Economic Events 21 November 2018 - Admiral Markets' Forex Calendar

But now the good news for the Aussie: on a daily chart, AUD/USD can be considered short-term bullish as long as we trade above 0.7150 USD, making another attempt to sustainably break above 0.7300/7330 USD possible. On top of that, the Aussie is about to enter a statistically and seasonal bullish market environment from Mid-December till the beginning of January. With this in mind, AUD/USD should be closely watched over the next few days and weeks of trading. Any signs of a stabilization and buyers stepping into the ring could be the starting point of another stint towards and above 0.7330, and after a break with a first target of around 0.7430/7450.

Source: Admiral Markets MT5 with MT5SE Add-on - AUD/USD Daily Chart - Data Range: 5 Nov, 2017 - 12 Nov, 2018 - Accessed: 20 November 2018, 11:00 PM CET

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