AUD/USD breaks above 0.7200

The Australian dollar advanced sharply against the greenback as the risk-on tone triggered by a recovery in oil prices helped to underpin the commodity currency.

AUD/USD has risen more than 150 pips from Friday’s lows, breaking above several resistances and the 0.72 mark to reach a high of 0.7225 in recent dealings. At time of writing, the pair is trading at 0.7220, recording a 1.0% gain on the day.

AUD/USD levels to watch

As for technical levels, AUD/USD could find next resistances at 0.7242 (Feb 4 high), 0.7283 (200-day SMA) and 0.7300 (Jan 4 high/psychological level).On the other hand, supports could be found at 0.7150 (100-day SMA), 0.7132 (10-day SMA) and 0.7103/00 (50-day SMA/psychological level).