AUD Breaks Above Key Resistance as Rate Hike Looms

The Australian Dollar (AUD) is poised to end the week on a positive note against the US Dollar, up 0.21% as improved risk appetite keeps AUD/USD trading near $0.7124.

This follows a break above the June 15 high of $0.7088, which turned support once cleared, and a two-day high of $0.7136 before settling at around $0.7120.

The Relative Strength Index (RSI) shows the index is bearish but about to turn bullish, indicating buyers expect further upside as the Reserve Bank of Australia is expected to raise rates on September 29.