AUD/USD Price Forecast: Makes an effort to hold breakout above 0.6700

💡 DMK Insight

The AUD/USD hitting 0.6740 signals a strong bullish sentiment, but here’s why it matters for traders right now: With the antipodean currencies gaining traction amid a risk-on environment, this could indicate a shift in market dynamics. Traders should note that the recent high could attract profit-taking, especially if we see resistance around this level. If the pair holds above 0.6700, it might pave the way for further gains, but a pullback could also be on the table if broader market sentiment shifts. Keep an eye on commodity prices, particularly iron ore, as they often correlate with the Aussie dollar’s performance. A drop in commodity prices could quickly reverse this bullish trend. Also, consider the broader economic indicators—if upcoming data releases show weakness in the Australian economy, it could lead to a rapid decline. Watch for key support at 0.6700 and resistance at 0.6800 as potential pivot points for your trading strategy.