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The AUD/USD pair experienced a corrective pullback after establishing a solid baseline near its 100-day moving average and the 50% retracement level around 0.7070 last week. A strong rally pushed the exchange rate to a high of 0.7180, bolstered by gains in the commodity complex, particularly Gold. However, the pair stalled just short of its key resistance zone between 0.71936 and 0.7200, prompting a minor technical consolidation. Despite the recent pullback, the technical outlook remains predominantly bullish as long as prices stay above critical support levels. The immediate support is anchored around the August 17 high at 0.7129 and the rising 100-hour moving average near 0.7126. Interestingly, AUD/USD trades slightly lower today despite Gold continuing its sharp advance toward $4,680, creating a divergence that buyers will need to monitor closely. Traders are watching to see if the ongoing rally in precious metals will eventually reignite AUD/USD buying interest. A breakdown below the 100-hour moving average could shift control to sellers, targeting the 200-hour moving average at 0.7103. Conversely, a clear break above 0.7200 would open the door for a continuation toward new medium-term highs.
