Australian dollar rises to highest since Friday

AUD/USD uptrend continues

The Australian dollar is taking advantage of the continues improvement in risk sentiment. AUD/USD edged through Monday's high of 0.7451 before slipping back.

The pair is clearly in a consolidation phase after a 350 pip post-Brexit fall.

Commodity markets have been relatively calm despite the risks to global growth from the Brexit vote. Looking ahead, the 0.7500/0.7510 is the key resistance level; it was the top of the post-Brexit bounce. Expect to see the pair to continue to flop around in the current range until there is more clarity on what Britain will do next.