Technical Analysis: AUD/USD hovers around the key 100-day EMA

The Australian Dollar trades on a softer note on the day. The bullish stance of the AUD/USD pair remains fragile as it hovers around the key 100-day Exponential Moving Average (EMA) on the daily chart. The pair could resume its downside trajectory if it crosses below the key EMA, as mentioned. Furthermore, the 14-day Relative Strength Index (RSI) remains below the 50-midline, supporting the sellers for the time being.

The potential downside target for AUD/USD will emerge near the confluence of the 100-day EMA and the lower limit of the Bollinger Band in the 0.6580-0.6585 zone. Extended losses will pave the way to 0.6510, a low of March 22. The next contention level is seen at  0.6465, a low of May 1. 

On the other hand, the first upside barrier is located at 0.6684, the upper boundary of the Bollinger Band. A decisive break above the mentioned level will see a rally to 0.6715, a high of May 16. Further north, the next resistance level to watch is 0.6760, a high of January 4.