Monday saw spiked selling pressure in the greenback, driving AUD/USD to continue soaring for the second consecutive week in a row.

AUDUSD retouched its April high 0.6644, accompanied by a March peak of 0.6667 and December’s last year momentum of 0.6871.

In case sellers revert back to control, the pair will likely retest its 2024 trough at 0.6362.

On a broader scale, gains would probably tick up if there was a prolonged break above the crucial 200-day SMA.

On mounting suspicions that Japanese officials are intervening, sellers of the US dollar resurfaced in the market, which triggered the USD/JPY to plummet after facing many decades of drops in the Japanese yen against the greenback, surpassing the 160.00 mark.

Consequently, the additional gains of the Aussie were buoyed by more advances in the commodity landscape, with the price of copper spiked to levels not witnessed since March 2022 and iron ore recovering $110.00 and above for the first time since the end of March.