- The pair built on the overnight solid bounce from sub-0.6700 level.
- A sustained move beyond 0.68 mark needed for bullish confirmation.
The AUD/USD pair once again showed some resilience below the 0.6700 round figure mark and staged a solid intraday rebound of around 75-pips on Tuesday. The positive momentum extended through the early North-American session on Wednesday, lifting the pair back closer to a key hurdle near the 0.6800 handle.
The mentioned barrier has been capping the pair since early August, which if cleared should trigger aggressive short-covering and pave the way for up-move. Above the mentioned resistance, the pair is likely to surpass an intermediate resistance near the 0.6815-20 region and aim towards testing the 0.6850-60 supply zone.
Meanwhile, technical indicators on hourly charts have been gaining positive traction and also recovered from the bearish territory, supporting prospects for a bullish breakthrough. However, traders are likely to wait for a sustained move beyond the said hurdle before placing aggressive bullish bets amid uncertainty surrounding the US-China trade talks.
AUD/USD 1-hourly chart
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