- The AUD/USD pair built on the overnight goodish rebound from 2-1/2 week lows and continued gaining traction for the second straight session on Thursday.
- The intraday positive momentum has now lifted the pair to 200-hour SMA, which if cleared will set the stage for a move beyond the key 0.70 psychological mark.
Given that the pair on Wednesday showed some resilience below 61.8% Fibo. level of the 0.6832-0.7048 recent up-move, a subsequent move back above 50% and 38.2% Fibo. level support prospects for an extension of the ongoing appreciating move.
Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive momentum on hourly charts support, reinforcing the constructive outlook ahead of the US consumer inflation figures for June.
On a sustained move beyond the 0.70 handle, the pair is likely to accelerate the up-move further towards 0.7020 intermediate resistance en-route the 0.7045-50 supply zone before eventually aiming to reclaim the 0.7100 round figure mark.
On the flip side, any meaningful pullback now seems to find some support near 38.2% Fibo. level – around the 0.6965 region, which if broken might drag the pair back towards the 0.6900 handle with some intermediate support near the 0.6925 region.
AUD/USD 1-hourly chart
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