The Australian dollar accelerated above 0.6500 barrier in European trading on Tuesday after dropping to session low at 0.6432 in Asia on news that China halted some beef imports from Australia. The pair is moving between 10DMA (0.6475) and 100DMA (0.6530) for the third straight day, with bot barriers being cracked but without clear break. Fresh advance after repeated failure below 10DMA pressures upper pivot and eventual close above would improve the outlook and open way for test of another key barrier at 0.6569 (30 Apr high). Daily studies are bullishly aligned and supportive but break of 100DMA is seen as minimum requirement for bullish signal and sidelining existing downside risk.
Res:Â 0.6530, 0.6569, 0.6612, 0.6668
Sup:Â 0.6475, 0.6456, 0.6432, 0.6420
