AUD Australian dollar – Australian dollar hits the top of the recent month, brewing a new round of uptrend

The Australian dollar touched above 0.6514 against the US dollar on May 7, and reached a high of 0.6501 on May 14, and just last Friday it touched above 0.6499. At the same time, this area is also where the 250-day moving average is located. Therefore, if the Australian dollar can finally break through this area, it is expected to start a new upward trend, with the extended target looking at the 0.66 level, and then refer to the high of 0.6687 in November last year to the 0.68 level. The current chart shows that the RSI and stochastic index have risen again, which may indicate that the Australian dollar has a chance to cross this resistance in a big step. As for the nearest support, it will look back to 0.64, and the next level is estimated to be 0.6340 and 0.6270, and then to 0.61 level.

Estimated range:
Resistance 0.6500* – 0.6600 – 0.6687 – 0.6800
Support 0.6400 - 0.6340 – 0.6270 – 0.6100

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