The Australian dollar has broken above the key 61.8% retracement level of the Covid-19 sell down against the US dollar. The level co-incides with support/resistance at 0.6440, giving the break out higher significance.

The move indicates potential for a full 100% retracement, giving a target at 0.7020.

Any fall below 0.6640 would negate the signal, and introduce the possibility of further downward momentum for AUD/USD.

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