DailyBubble News
DailyBubble News

AUD/USD remains undecided near crucial technical region

The AUDUSD pair has been struggling to break through the range of 0.6643-0.6666, facing rejection three times in 2024. Despite this, the outlook remains positive as the price continues to hold above the 50 and 200-day SMAs. While momentum indicators are deteriorating, they are still in positive zones.

Since bouncing off a five-month low of 0.6363 in mid-April, AUDUSD has been moving steadily higher. If buying pressure persists, the pair may test the 0.6643 resistance, followed by a potential move towards the 2024 peak of 0.6666. Further resistance lies at 0.6726.

On the downside, support is seen at 0.6558, with additional support at 0.6479 and 0.6441. Despite failing to break through the 0.6643-0.6666 range, the technical outlook remains bullish with the price above key moving averages.

Overall, while AUDUSD has struggled to conquer a key resistance zone, the technical indicators suggest a positive bias in the near term.

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