The aussie is on the run again above 0.7700
Three guesses what's driving the aussie right now?
The kiwi has helped via the cross but commodities are having another storming day. Iron ore has found a new lease of life and the other metals aren't far behind. Even gold is higher today while we're still seeing strength in the dollar and stocks.
AUDUSD has built camp at 0.7700 and that support has helped to lift it up towards yesterday's highs.
AUDUSD 15m chart
One question to ask is where would we be trading if we didn't have this general USD strength in play?
Things could get interesting if we approach the April highs just shy of the 38.2 fib of the 2014 fall.
AUDUSD daily chart
AS we just edge off a new day's high, that 0.7700 is going to be key for whether this move is maintained. A break there could see quick run down to around 0.7660/70.