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The AUD is the strongest of the major currencies against the USD today, rising 0.86% and pushing AUDUSD to its highest level since early June. The pair has reached a high of 0.7178, with the next key upside target coming in at the swing area between 0.71993 and 0.7200 (see video and the chart below).
Looking at the price action this week, AUDUSD traded up and down through the first half of the week before reaching its weekly low on Wednesday. That decline took the pair down to test the 50% retracement of the move lower from the May 1, 2026 high to the June low at 0.7070. The 100-day moving average was also nearby, adding to the technical importance of the area.
The price briefly moved below the 50% retracement but could not extend down to the 100-day moving average. Buyers stepped in, and AUDUSD subsequently raced higher following the U.S. Treasury announcement and the broader USD selling that followed.
After consolidating with an up-and-down session yesterday, AUDUSD has made another strong run to the upside today. The gains have also come alongside surging commodity prices, with gold and silver sharply higher. Bitcoin is adding to the broader risk appetite as well, rising another 6.45% today and approximately 23% for the week.
Technically, the pair is now extending away from the 61.8% retracement of the May-to-June decline at 0.71193. That level, along with the earlier weekly highs near 0.71317, now represents an important support area for buyers.
As long as the price remains above 0.71193–0.71317, buyers remain firmly in control and the focus stays on the 0.71993–0.7200 swing area. It would take a move back below that support zone to give sellers some control back and weaken the bullish technical picture.
This article was written by Greg Michalowski at investinglive.com.
