AUD/USD Price Outlook: Australian Dollar Rips Above 0.7000

                    

 AUSTRALIAN DOLLAR FORECAST: AUD/USD PRICE ACTION SURGES PAST 0.7000-MARK AS AUSSIE STRENGTH, US DOLLAR WEAKNESS PERSISTS

• Australian Dollar strength continues against its USD peer but fizzles out against the Yen
• AUD/USD price action has exploded nearly 250-pips over the last five trading sessions
• Aussie shorts capitulate as spot AUD/USD rallies above the 0.7000-price and blows out stops

The pro-risk Australian Dollar continues its relentless rally against its safe-haven USD peer. Spot AUD/USD now trades above the 0.7000 price level and positive year-to-date as markets achieve their v-shaped recovery.

AUD/USD PRICE CHART: 1-HOUR TIME FRAME (03 JUN TO 08 JUN 2020)

The latest stretch of Australian Dollar strength accelerated throughout Monday’s trading session after spot AUD/USD price action spiked above last week’s high. As the Bollinger Band expands, perhaps if the Aussie can continue its climb and find follow-through in the upcoming APAC session, spot AUD/USD prices might rocket past technical resistance posed by the 31 December 2019 intraday swing high.08 JUN 2020)

Nevertheless, this area poses a potential double-top pattern, which could stymie the Australian Dollar’s impressive ascent over the last several weeks. However, if major safe-haven currencies catch a bid if market sentiment sours, there is potential for the US Dollar to claw back recent downside and send spot AUD/USD price action pivoting back lower.