News

AUD Breakout

AUD Breakout

The Australian dollar has broken to a more than 29 year high against the USD, trading 1.0310. Break out traders will be all over this development:

AUD/USD Daily

Source: Bloomberg

As the RSI is not indicating an overbought situation, and is aligned with the direction of the break out, I favour long trades in AUD/USD. Of course, traders will use their own signals and indicators to determine if this is the right trade for them.