HomeContributorsTechnical AnalysisAUD/USD Breaks Major Resistance

AUD/USD Breaks Major Resistance

The Australian dollar soared after the RBA signaled higher interest rates later this year. The pop above the daily resistance at 0.7550 has put the Aussie on a bullish reversal course for the weeks to come.

Solid green candles indicate a combination of short-covering and momentum buying. Last June’s high at 0.7770 is the next target.

In the meantime, the RSI’s overbought situation led to a brief pause. Trend followers could be looking to join the rally at pullbacks. 0.7470 is fresh support in this case.

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