AUD/USD Outlook: Fresh Bullish Acceleration Pressures Key Barriers

Technical analysis of Forex market

The Australian dollar rallies on strong risk mode on Tuesday and hit the highest since 10 Mar.
Extension above former high (0.6616) is pressuring 200DMA (0.6656), with break here to generate bullish signal for continuation of uptrend from 0.5509 (19 Mar spike low). Strong bullish momentum is accompanied by multiple bull-crosses (5/100; 10/100; 20/100DMA’s) as well as weekly Tenkan-sen/Kijun-sen bull-cross.

Bullish sentiment on hopes of stronger recovery on re-opening of global economies deflated safe-haven US dollar, underpinning the rise of its counterparts.

Bulls look for close above 200DMA and 0.6672/84 (Fibo 76.4% of 0.7032/0.5509/9 Mar high) to spark fresh acceleration higher and expose next key barrier at 0.6848 (weekly cloud base).

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Immediate support lays at 0.6616, followed by broken 5DMA (0.6576) and rising 10DMA (0.6526) which tracks the advance since late March.

Res: 0.6656; 0.6672; 0.6684; 0.6750
Sup: 0.6616; 0.6576; 0.6526; 0.6506