AUD/USD Forecast: Extended recovery needs confirmation with closing above 10DMA
The Australian dollar is extending its recovery from multi-month lows on Tuesday, breaking the pivotal barriers at 0.6708 (10DMA), driven by fresh risk appetite.
The daily RSI and Momentum are heading north after forming a bullish divergence which could help the recovery.
An extension and a close above the 10DMA would generate a firmer bullish signal and an open barrier at 0.6749 (Fibo 23.6% from 0.7032/0.6662), with key levels at 0.6775/0.6803 (5th Feb high, reinforced by the 20DMA/Fibo 38.2% drop from 0.7032). / 0.6662)).
Being careful not to break the 10DMA would keep the downside at risk.
Resistance: 0.6713, 0.6749, 0.6775, 0.6803
Support: 0.6681, 0.6662, 0.6643, 0.6600
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