The Australian Dollar surged over 1.2% for the week as US Treasury bond buybacks weighed on the USD, fueling bullish momentum.
The AUD/USD pair climbed to 0.7170, marking a weekly gain of more than 1.2% as the US Dollar weakened following the Treasury Department’s bond buyback announcement. The move extended a rebound from near 0.7067, driven by technical momentum and broader USD selling pressure.
The pair reclaimed its 100-day Simple Moving Average at 0.7069 and broke above the June 4 high of 0.7149, signaling a resumption of its uptrend. The Relative Strength Index (RSI) remains in bullish territory, with resistance seen at the May 29 high of 0.7200 and the year-to-date peak of 0.7227.
Support levels include the 100-day SMA at 0.7069 and the 50-day SMA at 0.6999, which could act as downside targets if bearish pressure emerges. The rally reflects broader market sentiment tied to US monetary policy and commodity price dynamics.