AUD/USD Price Analysis: Greenback’s drop accelerates the rise above 0.6600
- AUD/USD carries the previous day’s recovery gains to attack 0.6650.
- US dollar index (DXY) refreshes two-month low under 98.50.
- Two-day-old symmetrical triangle questions immediate upside.
- 200-HMA adds to the support below the triangle’s lower line.
AUD/USD takes the bids around 0.6658, up 0.20% on a day, during the pre-European session on Friday.
The Aussie pair recently gained traction after the US dollar index (DXY), a gauge of the greenback versus the major currencies, slipped to the fresh low since March 30 to 98.25.
Even so, the quote stays inside the immediate triangle formation between 0.6665 resistance and 0.6625 support.
As the bullish MACD favors the pair’s run-up past-0.6665, it’s wise to expect a further rise towards 0.6700 afterward.
Alternatively, a downside break below 0.6625 might have to take a rest on a 200-HMA level of 0.6580.
AUD/USD hourly chart
Trend: Sideways to positive
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
