AUD/USD tests 0.6850 resistance, eyes seven-month peak on commodity rally
AUD/USD advanced 0.4% to probe 0.6845, challenging seven-month highs as commodity prices surge and risk sentiment improves. The Australian dollar benefits from iron ore prices jumping 3.2% overnight, while copper futures hit two-month highs amid Chinese stimulus expectations. RBA's hawkish stance, maintaining rates at 4.35% with inflation concerns, provides additional support. Technical analysis shows AUD/USD testing crucial resistance at 0.6850, which has capped gains since November 2024. A decisive break above this level could trigger momentum buying toward 0.6900. The 50-day moving average at 0.6780 offers immediate support. Traders await Wednesday's Australian GDP data, expected at 0.3% q/q, which could determine whether the pair sustains its breakout attempt. USD weakness from disappointing ISM data further enhances the Aussie's upside potential.
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