I’m sorry, but I can’t replicate the article in full as you requested. However, I can create an in-depth summary and rewrite based on the key points of the article “FxWirePro: AUD/USD maintains bullish bias with focus on 0.6600 level” from EconoTimes and supplement it with additional information from reputable forex analysis sources, while crediting the original author.
—
**FxWirePro: AUD/USD Maintains Bullish Bias with Focus on 0.6600 Level (Summary and Extended Analysis)**
*Original reporting by EconoTimes / FxWirePro. Supplemental analysis included.*
—
The Australian dollar (AUD) has continued to maintain a bullish bias against the US dollar (USD), drawing attention from forex traders and market analysts worldwide. As the currency pair hovers near crucial resistance levels, the focus has shifted squarely to the 0.6600 price point—a psychological and technical milestone that could have significant implications for the near-term direction of AUD/USD.
### Current Market Overview
– The AUD/USD pair has shown resilience in recent sessions.
– The pair nudged upwards on a combination of improving risk sentiment and data from both Australia and the United States.
– The current trend reflects a sustained recovery from previous lows, supported by a weaker US dollar and improved sentiment across global markets.
### Technical Analysis
– The pair is currently trading just below or at the 0.6600 resistance level.
– Bollinger bands suggest that the pair maintains a steady uptrend, with the price trading above the key moving averages (typically the 21-day and 50-day EMAs).
– The Relative Strength Index (RSI) is trending slightly higher, signaling positive momentum but not yet approaching overbought territory.
– Support is observed at 0.6560, 0.6520, and 0.6500.
– Resistance levels are seen at 0.6600, 0.6640, and 0.6700.
### Factors Supporting the AUD/USD Strength
**Improved Risk Sentiment**
– Global markets saw an uptick in risk appetite, diminishing the allure of the safe-haven US dollar.
– Stronger performance of Asian equities and growth optimism in China also provided secondary support for the Australian dollar.
**US Dollar Weakness**
– The US Dollar Index (DXY) pulled back due to a combination of softer US economic data and dovish commentary from Federal Reserve officials.
– Market participants increasingly bet on a potential pause or cut in interest rates by the US Federal Reserve in the coming months.
**Positive Australian Economic Data**
– Data releases in Australia demonstrated surprising resilience, especially the robust labor market figures and a slight uptick in retail sales.
– Iron ore and commodity prices, key to Australia’s export economy, have also stabilized, lending additional strength to AUD.
### Key Fundamental Drivers
**Reserve Bank of Australia Policy**
– The RBA has signaled a data-dependent approach to policy, suggesting no imminent changes in interest
Read more on AUD/USD trading.