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AUDUSD has broken out this week along with its New Zealand counterpart, which I wrote about earlier this week.
Tuesday’s close above 0.7030 marks a significant moment for AUD.
We have to go back to 2019 to find the last time the currency traded above that level.
And a view from the weekly chart shows why 0.7030 is so significant.
The way AUDUSD recovered so quickly following the March selloff is indicative of the pair’s strength of late.
Last week’s close above 0.7030 is just one more indication that the market wants to head even higher.
You can also see how AUDUSD is testing the 0.7160 resistance area.
It’s going to take a daily close above that to extend gains and open the door to the 0.7320 region.
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Alternatively, a rotation back to 0.7030 could produce a buying opportunity.
That said, I’m also interested to see how this week closes, as I mentioned above.
The daily break this week looks good, but a weekly close above 0.7030 would help solidify the breakout.