AUDUSD Breaks Through Key Resistance at 0.6600 Zone with Strong Recovery
For the third consecutive day, AUDUSD surges, buoyed by a softer US dollar and discouraging US services PMI figures (released Wednesday).
Bullish momentum breaks through crucial resistance at the 0.6600 level, which includes double-Fibo, 100DMA, and a round-figure, marking the first time trading at these levels since March 21st.
A positive shift is observed on the daily chart as momentum enters positive territory and moving averages adopt a bullish stance. This enhances the optimistic outlook, suggesting that a breakthrough and sustained closure above the 0.6600 zone could pave the way for a potential full retracement of the bearish leg between 0.6667 and 0.6480.
Nevertheless, caution is warranted due to overbought conditions, signaling a potential slowdown in the current rally for consolidation. Despite this, the bullish bias remains intact in the near term as long as the price action remains above the breached daily Kijun-sen level and the 50% retracement at 0.6570.
Res: 0.6623; 0.6634; 0.6656; 0.6667
Sup: 0.6596; 0.6570; 0.6552; 0.6537
