AUD/USD has extended its steady climb and is now challenging the 61.8% Fibonacci retracement level (0.6558) from the July–October 2023 decline. The pair is trading within a rising channel structure and has cleared both the 50-day (0.6457) and 200-day (0.6422) SMAs, confirming a medium-term bullish shift.
Price action remains constructive, with higher lows and rising support from the channel base suggesting consistent demand. A sustained break above the 0.6558 level could open the door toward the 78.6% Fib retracement at 0.6730, a level that also aligns with prior resistance from September 2023.
Momentum indicators support the advance. The RSI is at 61.77 and rising, but still comfortably below overbought levels, implying room for further upside. The MACD is marginally positive and could accelerate higher if price confirms a breakout above the 61.8% Fib barrier.
Traders will be watching whether the pair can hold above the confluence of the SMAs and the lower trendline of the channel. A failure here could expose downside toward 0.6420–0.6450. Otherwise, the bullish structure remains intact, with scope for a continuation higher into July.
-MW
Price action remains constructive, with higher lows and rising support from the channel base suggesting consistent demand. A sustained break above the 0.6558 level could open the door toward the 78.6% Fib retracement at 0.6730, a level that also aligns with prior resistance from September 2023.
Momentum indicators support the advance. The RSI is at 61.77 and rising, but still comfortably below overbought levels, implying room for further upside. The MACD is marginally positive and could accelerate higher if price confirms a breakout above the 61.8% Fib barrier.
Traders will be watching whether the pair can hold above the confluence of the SMAs and the lower trendline of the channel. A failure here could expose downside toward 0.6420–0.6450. Otherwise, the bullish structure remains intact, with scope for a continuation higher into July.
-MW
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.