FXstreet.com (Barcelona) - Aussie's rally from 0.6306 mar 9 low has been capped at 0.6635/45 resistance level, and the pair has dropped back to levels around 0.6575.
According to the E-Forex Team, 0.6635 level will not be easy to take for the Aussie: The 61.8% retracement of the last swing from .6850 to .6285 comes at .6635, so it shouldn't be an easy task to advance higher, as the said retracement ratio triggers many selling orders.
In case of a squeeze higher from 0.6635; The E-Forex Team forecasts further rallies in coming days: A break above the said resistance will most likely open .6850, favoring further rallies within the upcoming days. On the downside, support starts at .6550/65 backed by .6490 and .6450. Daily sentiment is bullish while the hourly is slightly negative at the time of this writing.