The AUD/USD climbed into a familiar technical resistance zone near 0.6580 before facing a rejection, dragging the pair back into 0.6560 and keeping the Aussie hung up in a thin chart region in the near-term.
Wednesday’s bullish candle represents one of the pair’s strongest performances since December, but the pair has run into a technical ceiling at the 200-day Simple Moving Average (SMA) near 0.6560, and bullish momentum is set to falter back into the 0.6500 handle is sellers return to the fold.
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