AUDUSD – Strong recovery cracks pivotal barriers at 0.6600 zone

AUDUSD rallies for the third straight day, lifted by weaker US dollar and downbeat US services PMI data (released on Wednesday).

Bulls cracked pivotal 0.6600 resistance zone (double-Fibo / 100DMA / round-figure), trading at these levels for the first time since Mar 21.

Improved picture on daily chart (momentum broke into positive territory and MA’s turned to bullish setup) contributes to positive outlook, with break and close above 0.6600 zone to open way for possible full retracement of 0.6667/0.6480 bear-leg.

However, overbought conditions warn that current rally may slow for consolidation, with bullish near-term bias to remain in play while the price action stays above broken daily Kijun-sen / 50% retracement (0.6570).

Res: 0.6623; 0.6634; 0.6656; 0.6667
Sup: 0.6596; 0.6570; 0.6552; 0.6537