The Australian Dollar trades on a stronger note on Thursday. The AUD/USD pair has established a symmetrical triangle pattern since May 8. The pair keeps the positive vibe beyond the key 100-day Exponential Moving Average (EMA) on the daily chart. The bullish momentum in the 14-day Relative Strength Index (RSI) continues to reinforce the pair’s upside.
A decisive break above the upper boundary of the symmetrical triangle of 0.6670 will attract some buyers to the 0.6700 psychological level. Extended gains will see a rally to 0.6760, a high of January 4.
On the flip side, the 0.6590-0.6600 zone acts as a crucial support level for AUD/USD. The mentioned level is the confluence of the 100-day EMA and the lower limit of triangle patterns. A breach of this level will expose 0.6510, a low of March 22, followed by 0.6465, a low of May 1.
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