AUDUSD breaks above 0.7200, targets four-year high
Overview: AUDUSD extended its winning streak for a fourth straight session, briefly breaking above the key 0.7200 level and reaching a three-month high. The move keeps focus on a full retracement of the May-June decline from the four-year peak of 0.7276. The pair maintains a bullish bias, trading above all major moving averages and keeping both the short- and medium-term trend outlook firmly positive.
Momentum: Momentum indicators have entered overbought territory, highlighting the strength of the latest advance. However, this also suggests caution, as gains may moderate near strong resistance levels and a correction could take place.
Bullish scenario: A sustained break above 0.7200 could extend the rally toward 0.7276, with the next upside target seen at 0.7373 (123.6% Fibonacci extension).
Risk: Conversely, a pullback toward 0.7120 could signal a pause in the current uptrend.
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