Technical Analysis: Australian Dollar hovers around the psychological level of 0.6600
The Australian Dollar trades around 0.6600 on Monday. The AUD/USD pair maintains a sideways movement within a symmetrical triangle pattern, with the 14-day Relative Strength Index (RSI) suggesting a bullish inclination as it remains above the 50 level.
The AUD/USD pair could test the upper boundary near the swing area at 0.6650. A breakthrough above this level might prompt a retest of March's high at 0.6667, potentially extending gains toward the psychological barrier of 0.6700.
In terms of downside, immediate support is anticipated around the 14-day Exponential Moving Average (EMA) at 0.6569. Should the pair breach below this EMA, it could encounter additional selling pressure, potentially targeting the area around the lower boundary of the symmetrical triangle, approximately at 0.6465
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