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Forex

AUD/USD Breakout Targets Year-High as Aussie Rallies on Commodity Strength

Guavy AI Editorial Team
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USD AUD
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The Australian dollar has broken out of its previous swing high near 0.6640, sending it towards the year-to-date high of 0.6760.

This breakout is supported by a series of positive technical indicators, including an RSI reading around 60 and a golden cross formation between the 50-day and 200-day moving averages.

The Australian dollar has benefited from a softer US dollar, driven by cooling inflation data and expectations of Federal Reserve rate cuts. Commodity prices have also supported the Aussie, particularly iron ore and copper.

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