Justin Low
The aussie is in search for a significant breakout against the dollar
The aussie has been stunningly resilient throughout the whole Russia-Ukraine saga and the latest price action this week is but another testament to that. After a bit of a light knock earlier, AUD/USD is now back up as buyers are hoping to secure a significant break higher on the day.
The push to 0.7360 sees price at its highest since November last year but more importantly, buyers are making a play in securing a breakout above the 200-day moving average (blue line) @ 0.7322 and the key trendline resistance since February 2021 (white line).
That bodes well for the aussie from a technical perspective and if you tie that in with the double bottom at 0.7000, the move looks to be targeting the October highs around 0.7555 and potentially 0.7600 next
Source:Forexlive.com