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AUD/USD jumps to new highs at 0.7370

Mohamed Abdelhamid 11 October, 2021 8:20 pm Forex Market, Market Update

The Australian dollar has rallied about 0.9% so far today and is on track to close its best daily performance over the last months.

The pair accelerated its uptrend, after breaking above the 0.7330 resistance area, to reach 0.7370 for the first time since mid-September.

Australian dollar’s appreciation has been underpinned by a solid rally on commodity prices.

The market has welcomed the relaxation of COVID-19 restrictions in New South Wales, one of the country’s most populated states.

The reopening of bars, restaurants, and gyms in Sydney after a four-month lockdown has increased bullish momentum on the AUD, to offset the overall USD strength.

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