- The Australian dollar rallied, hovering towards a 2-week peak hit earlier in the week as the greenback tumbled to multi-month lows.
- Earlier in the day the major eased to 0.6585 on data that showed Australia's January month retail sales slipped 0.3 percent, below 0.0 percent forecast.
- The Aussie was trading 0.4 percent up at 0.6640, having hit a high of 0.6645 on Tuesday, its highest since Feb. 20.
- Technical indicators are turning bullish: RSI point north, Stochs are biased higher and MACD supports upside.
- The pair broke above minor resistance 21-EMA but struggles to extend gains.
- Immediate resistance is located at 0.6648, a break above could take it near 0.6665.
- On the downside, support is seen at 0.6580 (10-DMA), a break below could drag it till 0.6553.
Recommendation: Good to buy on dips around 0.6616, with stop loss of 0.6604, and target price of 0.6648.
