- AUD/USD turns positive for the fifth consecutive session amid some aggressive USD selling.
- The technical set-up favours bulls and supports prospects for a move towards 100-day SMA.
The AUD/USD pair turned positive for the fifth consecutive session on Tuesday and shot to seven-week tops, around the key 0.6500 psychological mark in the last hour.
The momentum lifted the pair further beyond the 61.8% Fibonacci level of the 0.7040-0.5509 downfall, adding credence to a bullish break through YTD descending trend-line.
Meanwhile, technical indicators on the daily chart have been gaining positive traction and support prospects for additional gains amid some aggressive USD selling bias.
Some follow-through buying above the 0.6500 mark might be seen as a fresh trigger for bulls and set the stage for a move towards 100-day SMA, around the 0.6575-80 region.
On the flip side, the 0.6440-35 region now seems to have emerged as immediate support, which if broken might accelerate the slide further towards the 0.6400 mark.
The dip might still be seen as a buying opportunity and help limit the downside near the trend-line resistance breakpoint, now turned support, near the 0.6380-75 region.
AUD/USD daily chart
Technical levels to watch
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