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The AUD/USD pair resumed its upward trend last week after breaking through the 0.7187 resistance level. Technical analysts now project a potential rise toward the 61.8% Fibonacci extension at 0.7306, based on the 0.6420 to 0.7187 retracement. However, a decline below the 0.7151 support level could shift the intraday bias to neutral, triggering consolidation before renewed upward movement. This analysis focuses on Fibonacci projections and key support/resistance levels to guide traders.
For forex traders, the AUD/USD movement is significant due to its sensitivity to global risk appetite and commodity price dynamics, particularly iron ore and coal. A sustained break above 0.7306 could attract further bullish momentum, while a drop below 0.7151 might lead to short-term volatility. Traders should monitor the RBA’s policy stance and AUD/USD liquidity levels in Asian sessions.
MENA investors with exposure to commodity-linked currencies should watch AUD/USD’s interaction with the USD index. If the pair holds above 0.7151, it could signal broader market optimism. Key levels to track this week include 0.7306 (target), 0.7151 (support), and 0.7187 (previous resistance).
