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AUD/USD climbs, setting sights on 0.7200 as bulls press higher
The pair is up 0.77% to around 0.7167, extending a streak of eight straight weekly gains amid a weaker US dollar and an RBA hawkish stance.
AUD/USD rose on Friday to its highest level since June 3, trading around 0.7167 and up 0.77% on the day as the Australian dollar outperformed major peers.
The move was supported by a broadly weaker US dollar, strength across commodities led by rising gold prices, and the Reserve Bank of Australia’s hawkish policy stance, FXStreet said.
FXStreet also pointed to technical momentum, noting the pair has formed a sequence of higher highs and higher lows since rebounding from the mid 0.6800s in late June.
Resistance is seen near 0.7200, with a higher cap at 0.7300, while support is pegged near the latest close area around 0.7166 and then around the 100-day and 50-day moving averages near 0.7070 and 0.6999.
Market watchers also cited the daily RSI near 69, close to overbought territory, while MACD remains slightly positive.
Latest closeGold $4,432.00 ▲1.6%