AUD is the lead gainer in the major bloc today
data earlier though. AUD/USD is trading at 0.7771 just shy of the highs today at 0.7778.
And the break of the pattern is key as it shakes off the recent pessimism behind the aussie. The next key test for the pair is the 100-day MA (red line) at 0.7791 and the 200-day MA (blue line) at 0.7815.
bearish on the aussie since near the 0.8000 levels. But this week’s break changes the bearish picture a little – at least for me.
In the bigger picture, I still don’t believe that the RBA will be able to move to hike rates this year considering the inflation and household debt conundrum. And as long as that stays in the fold, it’s tough to see the aussie side of the equation backing up the pair more than it currently has.