AUD/USD's Climb: From Market Conditions to Trading SignalsThe AUD/USD continued its upward trend from last week and further climbed above the 0.63 mark. This rally is mainly propelled by risk - on sentiment; simultaneously, rising commodity prices have bolstered the Aussie.
On the 120 - minute chart, AUD/USD pierced the mid - line of the upward channel and is now edging towards the recent peak of 0.6342. The MACD shows a DIFF of 0.0046, a DEA of 0.0044, and a MACD value of 0.0005, with histograms above the zero line, indicating positive short - term momentum. The RSI stands at 67.9796, close to but not yet in overbought territory, suggesting short - term upside potential.
Notably, AUD/USD is trading above moving averages across multiple time frames. The MA55, MA14, and MA200 are at 0.6139, 0.6280, and 0.6224 respectively, in a bullish alignment, a clear bullish signal. Chart - wise, AUD/USD stays within the upward channel, aiming for 0.6400, with support around 0.6260 and 0.6180.
In the near term, AUD/USD is likely to keep rising. Supporting factors are: the weakening DXY , which has dropped below the key 100 level; improving risk sentiment; and eased global trade tensions. Technically, indicators have turned bullish, with strong upward momentum. If market expectations for Fed rate cuts firm up, it'll further boost the Aussie. In this scenario, after clearing 0.6400, AUD/USD could target 0.6500 - 0.6550.
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