AUDUSD crawling higher

2 weeks ago, we talked about the major support level in the AUDUSD and now the Aussie is breaking its upside resistance levels...

Now with the weakening of the US-Dollar Index and the break of the USD trendline, a further appreciation of the Aussie is likely. Investors also started shifting their focus away from China and the weakening of the Chinese market isn't affecting the Aussie as much anymore.

The SPX is still in a major consolidation but Crude Oil is showing a rebound as well. All this points to higher Aussie.