AUSUSD has had a stellar run since late October, benefitting from the risk-on environment and following equity markets higher. A weaker USD and falling US yields as traders’ position for a Fed pivot also being a strong tailwind. AUDUSD is now sitting in the 2023 “resistance zone” where upward momentum has faltered previously. Also of note is an extreme overbought signal from the daily RSI and a growing gap between the AUDUSD price and the AU 10-year - US 10-year yield differential. Combined, these three factors could see AUDUSD upside capped for now.