AUD stands out among majors with gain against USD

Among the major currencies, only the Australian dollar has advanced against the US dollar today, as the rest of the group declined.

Buyers are extending the move that began with last week's support.

From a technical perspective, the upturn originated last week after buyers defended the swing zone from 0.69056 to 0.69205. Sellers failed to break below that level, and the pair reversed higher as the week closed.

During today's session, the pair initially dipped to support around 0.69334. Buyers stepped in at that point and drove the price back up, bringing it into the resistance zone from 0.69619 to 0.69778. The session high was 0.6973, and the current level is 0.6971.

A break above 0.69778 is needed to confirm a stronger bullish outlook.

Bulls are pressing higher but still have progress to make. Clearing 0.69778 and holding above it is required to reinforce the bullish case. In the meantime, sellers can use this resistance zone to base their positions and set their risk.

For traders: A breakout requires confirmation.

Novice traders should understand that reaching resistance is only part of the process. Breaking through and maintaining the level indicates greater buyer control. Failure to breach the resistance could leave the rebound exposed to another decline.