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FXstreet.com (Barcelona) - AUD/USD has broken stiff resistance at 1.0290, stalling the rise at 1.0306 session high. Stops above 1.0295 helped the most recent 30+pips spike. The trendline coming from Sept 14 peak has been broken in the bullish run too, reinforcing the mildly bullish outlook.

Should the pair resume its upward course, next hurdle is seen around 1.0330 - Oct 1 low -. According to Christopher Romano, Analyst at IFR Markets, the 21 DMA (1.0320) should not be overlooked either, as "it aligns with the Oct 1 low and the daily cloud base sits at 1.0355/60 until the end of October" he says. Only a clean break above the cloud & Oct 2 high, at 1.0375, may clear up the picture for longs, Mr. Romano added.

On the downside, buying intraday dips towards 1.0290 down to 1.0270 looks like a sensible strategy. Trader should be reminded, however, that the breakout might not representative of market beliefs, since it occurred during the most iliquid time, and came courtesy of EUR/USD stops at 1.3085 being hunted with the Moody's Spain decision as the perfect excuse.

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