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December Australian dollar futures hit a six-week high
The article points to potential upside if December Aussie futures break above $0.7059, with a stated upside objective of $0.7250 or higher.
December Australian dollar futures (D1UZ26) have been trending higher and recently reached a six-week high, according to a technical read from Yahoo Finance.
The piece says the MACD indicator is in a bullish posture, with the blue MACD line above the red trigger line, and both lines moving upward, giving bulls a near-term technical edge.
On the fundamentals, the article argues Australia’s economy and government are stable, while its central bank is not overly dovish and the country’s commodity-export model is benefiting from rising commodity prices.
It also links the move to a pullback in the U.S. Dollar Index ($DXY) from a recent peak amid uncertainty around Federal Reserve leadership and policy, and highlights levels including $0.7059 as chart resistance, $0.7250 or above as an upside objective, and $0.6970 as a support area.
Latest closeDollar index 101.29 ▲0.2%