The Australian dollar showed a slight rally on Monday, bouncing off the 200-day EMA and aiming to reclaim the 0.66 level. However, this does not necessarily indicate bullishness for the Australian dollar, but rather signals ongoing consolidation and sideways movement.
The lack of significant movement is not surprising, as the market had been stagnant for a couple of weeks without any clear direction. The Australian dollar is heavily influenced by commodities and global trade, while the US dollar is primarily affected by treasury market rates and global risk sentiment.
Overall, the current technical analysis suggests a period of consolidation for the Australian dollar against the US dollar, with both currencies being influenced by different factors in the global market.