AUD/USD approaching key technical level

From forex.com

Against the odds, the AUD/USD has somehow managed to climb back above the key 0.8660 support level this week despite breaking and holding below it for a few days of last week. This is a potential false breakout scenario, which suggests that there was a lack of supply – or willingness from the sellers to enter short – below this multi-year low. Thus from a purely technical point of view, the behaviour of price action here suggests that rates may have bottomed out for now and that some gains could be on the way in the near term. That said, the Aussie is yet to break above some important resistance levels that are ... (full story)