The AUD/USD pair has been trading downwards since the 9th of June 2016, with the sellers pushing the price from as high as 0.7504 to as low as 0.7283.
The pair consolidated around 0.7394 during the course of the day on Friday. Today, the major pushed higher to reach the session highs of 0.7454, in line with the rest of the risk-associated currencies.
The dollar remains fragile today, following a renewed sentiment towards the riskier asset classes, after the ‘Remain’ campaign at the EU referendum has retaken the lead, according to polls released during the weekend.
A subsequent break above the top of the range at 0.7504 could drive the price to 0.7569 and 0.7638 in extension.
To the downwards, in the event that the price breaks below 0.7412, the pair could find support at 0.7347 and 0.7283 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.