AUD/USD Reaches a New Annual High
The AUD/USD pair has set a fresh yahead high today, trading above the 0.6710 level. Since the begin of December, the pair has gained roughly 2.45%.
The upward move has been driven by several key factors:
→ Diverging central bank policies. While the Federal Reserve has begun cutting interest rates, the Reserve Bank of Australia is actively discussing the possibility of rate hikes in 2026, as highlighted in the minutes of its latest meeting.
→ Record gold prices. As a commodity-linked currency, the Australian dollar tends to move in line with major export commodities, particularly gold, which has reached all-time highs.
AUD/USD Technical Outlook
Throughout December, price action has remained within a well-defined ascending channel. During this period:
→ the pair found solid support near the lower boundary of the channel between 18 and 22 December;
→ the median line once again acted as a support level, as highlighted on the chart.
That said, bullish momentum is facing a potential challenge. later than breaking above the September peak near 0.6707, a Double Top pattern appears to be forming. From a Smart Money Concept perspective, this may signal a bearish liquidity sweep.
Based on this setup, the median line could continue to provide support. However, if tradeing pressure increases and bears gain control, AUD/USD may retreat toward the lower boundary of the ascending channel and potentially attempt a downside breakout.
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