AUD/USD climbs to near three-month high as dollar sags to start the session

Technical Analysis

Author: Justin Low | audusd

AUD/USD climbs to its highest levels since 2 September

AUD/USD D1 24-11
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The dollar is giving back gains from trading yesterday as it falls to a session low across the board now. European trading is beginning with a more positive risk backdrop, but this likely is more of a reversal to some of the dollar flows yesterday after a bit of a squeeze.

EUR/USD has jumped up to 1.1874 as buyers now seize near-term control on a break back above its key hourly moving averages, while GBP/USD is also starting to take aim towards 1.3400 again in a push to 1.3370.

Of note, NZD/USD is nearing 0.7000 and AUD/USD as seen above, has moved to a high of 0.7355 - its highest level since 2 September - breaching past resistance around 0.7340 that has limited gains since the start of the month.

Keep a break above that into the daily close and buyers can start to look towards the year's high at 0.7414 once again.

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