AUD/USD: The 0.6500 psychological mark is key to maintain the uptrend

AUD/USD has hit new highs over vaccine hopes but lost ground amid geopolitical concerns. Late May's daily chart is painting a mixed picture, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“AUD/USD is trading within an uptrend channel, formed around the end of April. While upside momentum on the daily chart has waned, the currency pair has topped the 100-day SMA. It remains below the 200-day SMA but above the 50-day one.” 

“Some resistance awaits at 0.6560, which held AUD/USD down in mid-May. It is followed by 0.6610, the peak this month, and then by 0.6680.” 

“Support awaits at 0.65, which is a psychologically significant level and nearly converges with the 100-day SMA. Below the uptrend support line, the next cushion is at 0.6375, which is a double-top from early May.”