The Australian Dollar trades around 0.6630 on Friday. Analysis of the daily chart reveals a neutral bias for the AUD/USD pair as it consolidates within a rectangle formation. The 14-day Relative Strength Index (RSI) has recently crossed above the 50 level, indicating a potential bullish bias emerging.
In terms of immediate levels, the AUD/USD pair finds support around the 50-day Exponential Moving Average (EMA) at 0.6605, with further support at the lower boundary of the rectangle formation near 0.6585.
Looking upwards, the AUD/USD pair could test resistance near the upper boundary of the rectangle formation around 0.6700, followed by the high from May at 0.6714
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