The Australian Dollar advanced by over 0.82% against the US Dollar on Friday, gaining more than 1.20% for the week as the US Dollar weakened following the US Treasury’s announcement of a long-end bond buyback. AUD/USD currently trades at 0.7170 after bouncing from recent lows near 0.7067.
AUD/USD Price Forecast: Technical Outlook
AUD/USD has resumed its uptrend after reclaiming the 100-day Simple Moving Average (SMA) at 0.7969. A breakout above the June 4 daily high of 0.7149 has created momentum for further upside movement.
Technical indicators confirm bullish sentiment, with the Relative Strength Index (RSI) showing strong momentum. This suggests continued accumulation from buyers targeting higher price levels.
The immediate resistance level lies at the May 29 high of 0.7200. Breaking this level could accelerate the move toward the year-to-date (YTD) high of 0.7227. Additional strength might push prices toward 0.7300.
On the downside, a drop below 0.7100 could test the 100-day SMA at 0.7069. Further declines might target the 50-day SMA support at 0.6999.
AUD/USD Price Chart – Daily
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