AUDUSD reaches 3-year high at 0.80

AUDUSD reached 0.80 for the first time since February 2018

Antipodean currencies are G10 top performers this year. AUDUSD is trading almost 45% off the last year’s lows and has reached 0.80 today – a level not seen since February 2018. Australian dollar is considered to be a ‘commodity currency’ and we can see that it benefits from a recent jump in commodity prices, especially copper. On the other hand, gains on AUDUSD are somewhat interesting as continued increase in US yields should support USD and serve as a brake for the upward move on AUDUSD but this is not the case this time.

Taking a look at the pair from a technical point of view, we can see that AUDUSD is approaching a major resistance zone in the 0.81 area, marked by highs from late-2017 and early-2018.