February 2, 2023

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AUD/USD climbs to one-month high as dollar is seen weaker across the board

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AUD/USD buyers look towards 0.7800 next

AUD/USD D1 19-04

The dollar is still seeing pressure across the board with USD/JPY falling to 108.04 and looks to threaten support at the 108.00 handle, which is helping to see other major currencies capitalise on the greenback’s decline so far on the session.

AUD/USD is up 0.6% to 0.7780-85 currently and is trading to its highest level since 18 March, as buyers now take aim at the 0.7800 handle.

The break higher in the aussie builds on last week’s momentum after having seen price action consolidate in and around the 100-day moving average (red line) with buyers holding a firm line around 0.7590-00 for the most part.

Upon the break of the resistance trendline thereafter, it has been more or less one-way traffic now as the upside momentum continues to this week.

The 0.7800 level will offer some resistance but there will be a firmer test around the swing region @ 0.7820-49 – especially on the daily chart (watch for the close).


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