It’s been a torrid run for AUD/USD since testing the 0.6500 mark as buyers have certainly not let up on the rebound to the highest levels since February this week. Here’s a look at the daily chart:
The pair is currently down 0.2% at 0.6869, but the technical breakout this week isn’t doing much harm. Buyers have done a lot since the break above the 100 (red line) and 200 day (blue line) moving averages and have maintained a bullish bias ever since.
The subsequent breakout of the April and May highs near 0.6800 was also key to yesterday’s trading and confirmed a stronger trend for further upward momentum.
As things stand, there is little resistance before reaching 0.7000, so this could motivate buyers to try to push higher. Australia’s hot jobs report this week also boosts the chances of an RBA rate hike in July, and if stocks continue their good form, more positive risk sentiment should also help the pair stay in the coming sessions.