AUD/USD Price Forecast: Bulls eye 0.7200 as RSI nears overbought territory
AUD/USD edges higher on Friday, climbing to its highest level since June 3 as the Australian Dollar (AUD) outperforms all its major peers.
The Australian Dollar (AUD) climbed to its highest level since June 3, climbing above 0.7167 and on course for an eighth consecutive weekly gain. The strengthening AUD is driven by a weaker US Dollar, higher Gold prices, and the Reserve Bank of Australia's (RBA) hawkish policy stance. The technical outlook is also positive, with AUD/USD forming higher highs and higher lows, and currently holding above key moving averages.
The Relative Strength Index (RSI) is at 69, flirting with overbought territory, while the Moving Average Convergence Divergence (MACD) indicator remains slightly positive. The key resistance level is at 0.7200, with a higher cap at 0.7300. The immediate support is provided by the latest close at 0.7166, with deeper demand seen at the 100-day and 50-day SMAs around 0.7070 and 0.6999, respectively.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.