The Australian dollar leads gains among major currencies after progress in US-Iran negotiations spurred a broader risk-on rally.
The AUDUSD pair climbed 0.76% to 0.7163, reaching a session high of 0.7174, as optimism over US-Iran talks fueled a shift toward risk assets. The move weighed on the US dollar, with the Australian dollar emerging as the top performer among major currencies.
The rally gained momentum after the pair held support between 0.7100 and 0.7113, breaking above resistance at 0.7134 and the 100-hour moving average at 0.71485. The 200-hour moving average near 0.71944 now serves as the next key resistance level, aligning with a broader swing zone between 0.71936 and 0.7200.
Technical momentum remains bullish as long as the pair stays above the 100-hour moving average, though a drop below could trigger profit-taking after the sharp advance.