AUD/USD Price Analysis: Attempts Descending Triangle breakout near 0.6600

The AUD/USD pair extends its winning spell for the third trading session on Thursday.

AUD/USD extends its winning streak on weak US Dollar. The US Dollar weakens as poor US ISM Services PMI dampens the economic outlook. Surging global commodity prices strengthen the Australian Dollar. The Aussie asset rallies to the round-level resistance of 0.6600 as the US Dollar weakens due to theunexpected decline in the United States Services PMI data for March, reported by the Institute of Supply Management on Wednesday.

The downward-sloping border of the aforementioned pattern is placed from March 8 high at 0.6667 while horizontal support is plotted from March 5 low at 0.6477. The chart pattern exhibits a sharp volatility contraction and a breakout can happen in any direction. The Aussie asset sustains above the 20-day Exponential Moving Average trading near 0.6550, suggesting upbeat demand for the Australian Dollar. The 14-period Relative Strength Index rebounds to 60.00.

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