AUD/USD is trading at its highest since early May, with the yen's continued rally helping soften the dollar and amplify the Aussie's upside response.

AUD/USD has pushed firmly above the .7200 level to trade at its highest since early May, continuing to benefit from buoyant risk appetite, hawkish RBA pricing and continued weakness in the US dollar, particularly against Asian currency names. With the technicals aligning with the fundamentals, the topside break will have bulls eyeing a potential retest of the year-to-date highs in the days ahead.