AUD / USD has soared to a 3-year high! - - Financial Market Media No. 1 in the World AUD / USD has soared to a 3-year high! AUD / USD has soared to a 3-year high!

February 23, 2021

AUD / USD has soared to a 3-year high!

 The surge in commodity prices such as crude oil, copper to timber and dairy products has supported the appreciation of commodity currencies such as the Australian dollar and the New Zealand dollar.

Positive market sentiment continued to outperform the Aussie dollar while the US dollar remained weak in early trading this week.

Investors are also expected to be cautiously awaiting a speech by Federal Reserve (Fed) Chairman Jerome Powell that could influence the movement of the US dollar in the New York session.

On the AUD / USD currency pair price chart, the price has recorded the latest high since February 2018 after the price has passed the level of 0.79000.

Last week, investors also saw a price spike past the 0.78000 resistance zone over the weekend which further strengthened the bullish trend signal.

With the price moving above the Moving Average 50 (MA50) support level, the expectation for the price to continue the uptrend will push the price towards the 0.8000 level.

In the event of a price decline, the price support level is seen in the RBS zone (resistance become support) 0.78200-0.78000.

A bearish move below the MA50 support level will also signal a bearish trend change on the AUD / USD chart.

The next lower decline is seen heading towards the RBS zone at 0.77400 and then at 0.76500.