AUDUSD Extended Rebound
As the selling pressure on the Greenback subsided, the AUD/USD pair smiled again and moved up to the limits of the important 200-day SMA near 0.6550 at the start of the new trading week.
If the AUD/USD gains more momentum, it may break above the March high of 0.6667 (March 8) and go on to reach the December 2023 high of 0.6871 (December 28). Monthly highs of 0.6894 (July 14) and 0.6899 (June 16) might also occur before the crucial 0.7000 barrier.
The pair could hit a weekly low of 0.6503 (March 19) if sellers take back control. The spot price is expected to drop to the March low of 0.6477 (March 5) and subsequently to the 2024 low of 0.6442 (February 13) once this zone is crossed. If this level is broken, we may see a visit to the October 26, 2023 low of 0.6270, the round level of 0.6200, and the October 13, 2022 low of 0.6169.
In summary, the pair looks ready for more gains as long as it stays above the significant 200-day SMA of 0.6551.
The pair looks to have recovered some of its recent positive momentum on the four-hour chart. The first resistance level against this is 0.6634, and the next levels are 0.6638 and 0.6667. Conversely, additional losses might force the pair to revisit 0.6509, 0.6503, 06477, and 0.6442. In addition, the RSI increased above 47, although the MACD stayed marginally negative.
