The Australian dollar extends its recovery against the US dollar, surpassing key resistance at 0.7100 and targeting 0.7200.
The Australian dollar has extended its multi-week recovery, breaking above the critical 0.7100 resistance level against the US dollar. AUD/USD is now gaining momentum, with traders eyeing the 0.7200 barrier as the next target.
The move follows a sustained rebound in recent weeks, marking a shift in sentiment after a prolonged downtrend. Analysts note that the pair’s ability to hold above 0.7100 could signal further upside potential in the near term.
Market focus remains on macroeconomic factors, including commodity prices and global risk sentiment, which have supported the Aussie’s recent strength.