AUD Surges to Highest Level Since June as Commodity Complex Strengthens
The Australian Dollar (AUD) strengthened against its major peers on Friday, reaching its highest level since June 3. The AUD/USD pair climbed to around 0.7167, up 0.77% on the day and on track for an eighth consecutive weekly gain.
The rally was driven by a broadly weaker US Dollar (USD), strength across the commodity complex led by rising Gold (XAU/USD) prices, and the Reserve Bank of Australia’s (RBA) hawkish policy stance.
From a technical perspective, AUD/USD holds above the 50-day, 100-day and 200-day Simple Moving Averages (SMAs), clustered between 0.6952 and 0.7070. The Relative Strength Index (RSI) on the daily chart is at 69, flirting with overbought territory.
Initial resistance emerges at the horizontal barrier near 0.7200, ahead of a higher cap at 0.7300. Immediate support is provided by the latest close area at 0.7166, with deeper demand seen at the 100-day SMA around 0.7070 and the 50-day SMA near 0.6999.