AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
AUD/USD Technical Overview (Forex Trading In Dubai)
Extra gains may cause the AUD/USD to revisit the weekly top of 0.6586 (April 29), which appears reinforced by the 100-day SMA (0.6581). North from here aligns the April peak of 0.6644, ahead of the March high of 0.6667 (March 8) and the December 2023 top of 0.6871. (Forex Trading in Dubai)
Meanwhile, if sellers regain control, spot may retest its 2024 low of 0.6362 (April 19), which precedes the 2023 bottom of 0.6270 (October 26) and the round milestone of 0.6200.
Looking at the larger picture, a sustained break above the crucial 200-day SMA would almost surely result in further gains.
On the 4-hour chart, spot appears to have recovered some bullish momentum. Initial up-barrier emerges at 0.6548, ahead of 0.6586 and 0.6644. On the downside, 0.6465 occurs before 0.6362. In addition, the RSI rose over 60.