It has been a storming run for AUD/USD ever since testing the 0.6500 mark as buyers have certainly not relented in the rebound to its highest levels since February this week. Here’s a look at the daily chart:
AUD/USD daily chart
The pair is down 0.2% to 0.6869 at the moment but it isn’t really hurting the technical breakout this week. Buyers have managed to do a lot since the break above the 100 (red line) and 200-day (blue line) moving averages, maintaining the more bullish bias since.
The following break of the April and May highs near 0.6800 has also been key in trading yesterday, reaffirming a stronger bias for further upside momentum.
As things stand, there is little resistance before getting the 0.7000 so that could keep buyers incentivised in chasing a push higher. A hot Australian jobs report this week is also bolstering odds for a RBA rate hike in July and if equities continue their good form, a more positive risk mood should also help the pair stay buoyed in the sessions ahead.