Forex
AUD/USD Jumps to 8-Week High Amid Dollar Stability
The Australian Dollar (AUD) is on track for an eighth consecutive weekly gain as it trades around 0.7167, up 0.77% on the day against the US Dollar.
This comes even as the US Dollar shows signs of stabilizing after its recent weakness, with the US Dollar Index (DXY) recovering from an intraday low of 98.56 to trade around 98.82.
A technical analysis suggests that AUD/USD is forming a steady sequence of higher highs and higher lows since rebounding from the mid-0.6800s in late June, with the Relative Strength Index (RSI) at 69 flirting with overbought territory.