- AUD / USD has surpassed the key support of the ascending trend line but remains above 0.64.
- This level limited losses for two consecutive trading days.
The growth-related Australian dollar flashes green at the time of publication, with the S&P 500 futures contracts gaining 0.70%.
AUD / USD is currently trading at 0.6428, which represents a gain of 0.23% on the day, after finding offers close to 0.6410 during the first trading hours in Asia.
On Friday, the pair broke support for the trend line connecting the April 21 and May 7 lows, validating the recent repeated failure at the waning 100-day average and strengthening the case for deeper declines. Sellers, however, failed to break into the 0.64 psychological level – this level limited losses in the Australian dollar on Thursday.
Obviously, 0.64 is now the level to beat for sellers. Acceptance of this new support would strengthen the bearish break of the uptrend line and open the doors to 0.6253 (April 21 low). On the upper side, a close above the 100-day average of 0.6510 is required to restore immediate bullish view.
Trend: Bearish below 0.64