AUDUSD – bulls regain control after a healthy correction

AUDUSD stands at the front foot on Monday and extends advance into third straight day, pressuring pivotal barrier at 0.6680 (recent range ceiling).

Fresh strength further improves near term outlook, boosted by positive signal from formation of a higher base at 0.6590 (May 24/30 double-bottom), which signaled a healthy correction from 0.6714 (May 16 top, the highest since mid-Jan).

Technical picture is positive on daily chart (strong bullish momentum / MA’s in bullish configuration and created multiple bull-crosses), with close above (0.6642 (converged 10/20DMA’s) seen as minimum requirement to keep fresh bulls in play, while sustained break of 0.6670/80 zone (Fibo 61.8% of 0.6714/0.6590 / tops of May 31/28) to confirm reversal and open way for full retracement of 0.6714/0.6590 corrective leg.

Res: 0.6680; 0.6714; 0.6743; 0.6761
Sup: 0.6642; 0.6626; 0.6590 0; 6558