Australian dollar hits three-month high in breakout

Technical Analysis

Author: Adam Button | audusd

AUD/USD resolves consolidation to the upside

The US dollar is coming under some late-day selling pressure.

The Australian dollar is taking advantage as it hits a fresh daily and three-month high. The 0.7700 level had capped AUD/USD this month but it appears to be breaking out.

The pair is now only about 80 pips away from wiping out the post-US-election move. The Nov high was 0.7778 and that's the next resistance level to watch.