AUD/USD has baffled trading breaking out of the years range to the topside last Tuesday after the RBA changed to a hawkish stance.

AUD/USD rally was reversed sharply later in the week as US yields exploded and Oil eased back on Chinese lockdowns.

Still market is expecting RBA to raise in June now so if the USD rally based on US Bond yields can stop or reverse then the AUD is in poll position to rally first.

Big cluster of support here with 0.7380 old support and 0.7350 the trendline support for the whole uptrend.

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