Forex
AUD Breakout Hopes on Hold as Resistance Remains High
The Australian dollar (AUD) has so far resisted a stronger US dollar, thanks to its two-year yield spread increasing this week. This could lead to a potential breakout in the near term, but for now, bulls are facing resistance at the June VPOC in the AUD/USD pair. A break above 0.7100 would be a significant test of the risk-on rally.
The Reserve Bank of Australia (RBA) seems unlikely to hike interest rates again this month, which could weigh on the Aussie. The AUD/USD has been on a four-week winning streak, and a swing high is expected to form soon.