AUD/USD Forecast: Bullish breakout hints further gains ahead

Commodity-linked currencies outperformed their European rivals against the greenback, with AUD/USD rallying to 0.7737, a fresh April high. Crude oil prices were the initial trigger, as WTI jumped to above $ 63.00 a barrel following an encouraging EIA report, which showed a third straight week of crude draw. The headline spurred risk appetite, sending US indexes to unexplored territory. Australian data was supportive of the local currency as April Westpac Consumer Confidence printed at 6.2%, up from 2.6% in the previous month. This Thursday, the country will publish April Consumer Inflation Expectations, previously at … (full story)

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