Technical Analysis: Australian Dollar moves below 0.6600
The Australian Dollar trades around 0.6590 on Tuesday. Analysis of the daily chart indicates a weakening bullish bias for the AUD/USD pair, as it has dropped below the lower boundary of an ascending channel pattern. This is supported by the 14-day Relative Strength Index (RSI), which is slightly below the 50 level.
Key support levels are identified at 0.6550 and then 0.6500. A break below the latter could put pressure on the AUD/USD pair, pushing it toward the throwback support at 0.6470.
On the upside, the 21-day Exponential Moving Average (EMA) at 0.6625 serves as a key resistance, along with the lower boundary of the ascending channel around 0.6635. Re-entering the ascending channel pattern could strengthen the bullish bias, leading the AUD/USD pair to aim for the psychological level of 0.6700, followed by May’s high of 0.6714
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