AUDUSD – bulls pressure key barriers at 0.7605/20

The Aussie dollar hit new recovery high at 0.7590 on Thursday and pressures key barrier at 0.7605 (22 May high), but so far lacking momentum for final attack.
Strong rally of 0.92% on Wednesday which also formed bullish Outside Day, is supportive, while stronger than expected China’s Manufacturing PMI offset negative impact from weaker than expected Australian Capex data.
Rising 10SMA (0.7554) underpins today’s action after forming double bull-cross (10/20 and 10/30SMA).
Weakening momentum on daily chart could further delay bulls but positive structure is expected to remain intact while rising 10SMA holds.
Break above pivots at 0.7605 (22 May) and 0.7620 (falling 55 SMA) is needed to signal further recovery and expose strong barriers at 0.7660/72 (Fibo 61.8% of 0.7812/0.7412 / falling daily cloud).
Conversely, softer near-term tone could be expected on close below 10SMA.

Res: 0.7590; 0.7605; 0.7620; 0.7660
Sup: 0.7554; 0.7540; 0.7530; 0.7498