AUD/USD Price Analysis: Seems poised to test May swing high, around 0.6815-20 zone AUDUSD Fed Inflation Technical Analysis Currencies
A sustained strength above the 100-day SMA supports prospects for additional gains.The AUD/USD pair scales higher for the fourth successive day on Tuesday - also marking the eighth day of a positive move in the previous nine - and jumps to over a one-month high during the early part of the European session. The pair currently trades near the 0.6770-0.6775 region, up nearly 0.35% for the day, and seems poised to prolong its recent strong recovery move from the YTD low touched on May 31.
Firming expectations that the Federal Reserve will skip hiking interest rates in June trigger a fresh leg down in the US Treasury bond yields and exert some downward pressure on the. Apart from this, a generally positive tone around the equity markets further undermines the safe-haven Greenback.
On the flip side, the 100-day SMA, currently pegged around the 0.6735-0.6730 area, now seems to act as immediate support ahead of the 0.6700 mark. This is closely followed by the very important 200-day SMA, currently around the 0.6680 area, which if broken might prompt some technical selling and make the AUD/USD pair vulnerable. Spot prices might then accelerate the fall further below the 0.6645 intermediate support, towards retesting the 0.6600 round-figure mark.
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