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Analysts at TD Securities remain focused on the Aussie as the AUD/USD pair looks like close to either a potential breakout or backslide. 

Key quotes

“AUD/USD came to within a hair’s width of taking out the end-April highs at 0.6570 during the European session. We would prefer not to see it break to a fresh high for this cycle. If it does, however, we think style will matter. We could probably live with a little peek that is followed quickly by a return to recent ranges.”

“A strong and sustained move above 0.6570 would make it harder to argue that we are heading lower any time soon. That would be amplified if this occurred on a daily closing basis. We would then have to look for a test of 0.6685, the spike-high from March 9 that printed just as things started to turn ugly for the AUD.”