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Forex

AUD/USD Breakout Sparks Bullish Momentum

Guavy AI Editorial Team
Instruments
AUD
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The AUD/USD has broken out above the June 4 daily high of 0.7149, opening the door for further gains. The pair trades at 0.7170 after rebounding near 0.7067.

The uptrend resumed after the AUD/USD reclaimed the 100-day Simple Moving Average (SMA) at 0.7969. A breakout above this level indicates bullish momentum, with the Relative Strength Index (RSI) also pointing to an upward trend.

Bulls are targeting the year-to-date high of 0.7227, with a breach of the May 29 high of 0.7200 clearing the path for further gains. However, if bears move in and drag prices below 0.7100, a move towards the 100-day SMA at 0.7069 is on the cards.

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