Aussie Rallies to Ten-Week Highs Amid Broader Recovery

The Australian dollar has been on a tear, rallying nearly 4.5% from its June low and reaching ten-week highs against the US dollar. This advance is part of a broader recovery that has seen Aussie climb in seven out of the past eight weeks, with daily momentum reaching its strongest levels since February.

The near-term technical structure remains constructive as long as price holds above rising trend support. However, the rally is approaching a major resistance confluence where the risk of near-term exhaustion begins to rise.

Aussie has cleared a major downtrend barrier in late-July and is now pressing higher. The advance has remained well supported within the rising trend structure as momentum accelerates toward overbought territory, but buyers are now approaching the next major resistance confluence.