AUD/USD sees latest rebound run into next key resistance level

AUD/USD daily chart

Buyers are looking to make it six consecutive days of gains in AUD/USD, with the pair building on the push above its 200-day moving average (blue line) on Friday. The move higher today also gets past the 61.8 Fib retracement level at 0.6536 and is squaring up against the 100-day moving average (red line) at 0.6584. So, what's next?

The key resistance level is now one to watch with the dollar also starting to look vulnerable elsewhere.

The balance of risks were not favouring the dollar towards the end of last week and that hasn't changed. But with the Fed coming up later this week, we'll have to see what kind of message they will be thinking to deliver to markets.

The key resistance level above might yet hold any upside in check for the week. And beyond that, there is also the March and April highs around 0.6644-67 to deal with.

It's been a solid rebound for the aussie in undoing most of the April decline. However, with the gap arguably now closed on the Fed-RBA divergence, traders will have to look to something else to work with next. The Fed will be one to watch first on the agenda this week. That before the focus starts to shift back towards key US data again, with the non-farm payrolls report on Friday.