After the US Dollar Index (DXY) came under intense pressure, AUD/USD ended the final trading day of CY2022 on a positive note.
Despite lower trading activity because of the holiday week, the Australian asset kept up its winning streak for a sixth day.
Typically, during a week cut short by holidays, trading volume declines significantly as investors want to protect themselves from unforeseen violent swings in the market. The Australian currency is trading in a highly neutral Rising Channel chart pattern on a four-hour time frame.
This pattern was created following a sell-off move from the high point of December 13 at about 0.6980.
For the past 15 trading sessions, the round-level resistance of 0.6800 has continued to be a significant hurdle for the Australian Dollar.
An upward movement in the Australian asset has caused it to surpass the 0.6747-area of the 20-period Exponential Moving Average (EMA). Furthermore, the 200-EMA, which is located around 0.6700, is still stable, demonstrating that the long-term trend is still bullish.
The bullish zone of 60.00–80.00 is difficult for the Relative Strength Index (RSI) (14) to enter. Similar occurrences will drive bullish momentum.