AUD/USD Price Analysis: Australian dollar rallies to two-month highs beyond 0.6600
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- AUD/USD rally from 0.6400 extends to two-month highs above 0.6600.
- Australian dollar appreciates, boosted by a positive market mood.
The risk-sensitive Australian dollar is being one of the best performers on Wednesday. The Aussie is rallying for its third consecutive day, buoyed by a positive market mood on investors' hopes of a recovery from the pandemic shutdown, which has boosted the pair from Friday’s lows near 0.6400 to levels 2.6% higher, reaching prices past 0.6570 for the first time since early March.
Daily charts show the par bullish, after having breached the 100-day SMA, which worked as resistance on previous upside attempts and might now offer support at 0.6500 area. On the upside, if the pair confirms above previous resistance levels at 0.6570 (April 30, May 11 highs), it might find resistance at the 0.6665/85 area (200-day SMA and March 9 high) and beyond that at 0.6755/75 (Feb. 5, 12 highs).
On the downside, below the 100-day SMA, now around 0.6500, the pair might find support at 0.6400 (May 15 low) and 0.6250 (April 21 low).
AUD/USD daily chart
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