- The AUD / USD rally of 0.6400 extends to two-month highs above 0.600.
- Australian dollar appreciates, boosted by positive market sentiment.
The risk-sensitive Australian dollar was one of the best on Wednesday. The Aussie rallies for its third consecutive day, buoyed by positive market sentiment over investors’ hopes of a recovery after the pandemic closed, which propelled the pair on Friday’s low near 0.6400 to 2.6% higher levels, hitting prices above 0.6570 for the first time since early March.
Daily charts show the bullish, after surpassing the 100-day SMA, which has worked as a resistance in previous upside attempts and could now offer support at 0.6500. On the upside, if the pair confirms above previous resistance levels at 0.6570 (April 30 and May 11 high), it could find resistance in the 0.6665 / 85 area (200-day SMA and higher on March 9) and beyond at 0.6755 / 75 (February 5, 12 peaks).
On the downside, below the 100-day SMA, now around 0.6500, the pair could find support at 0.6400 (May 15 low) and 0.6250 (April 21 low).