AUD/USD Sees Further Upside as Technical Indicators Point to Strong Momentum
The AUD/USD exchange rate has continued its upward momentum, holding above key daily moving averages and supported by US Dollar weakness.
Rabobank strategists predict a shallow uptrend in AUD/USD into next year, aided by the risk of an RBA rate hike in November and underpinned by their call that the Fed will avoid tightening policy this year.
The technical indicators point to firm but not overextended upside momentum, with the Relative Strength Index (RSI) near 65 and the Moving Average Convergence Divergence (MACD) indicator remaining slightly positive.