- The AUD/USD pair built on last week’s goodish bounce from multi-month lows and continued gaining positive traction for the fifth consecutive session on Monday.
- The pair now seems to have entered a bullish consolidation phase and was seen oscillating in a narrow band around the 61.8% Fibo. level of the 0.7022-0.6831 recent slide.
Any subsequent up-move is likely to confront immediate resistance near 50-day SMA, around the 0.6975, above which if cleared would support prospects for an extension of the near-term appreciating move.
Meanwhile, technical indicators on hourly/daily charts maintained their bullish bias and further reinforce the constructive set-up, though bulls are likely to wait for a sustained move beyond the mentioned barrier.
The positive momentum might then lift the pair beyond the key 0.70 psychological mark towards testing monthly swing highs, around the 0.7020-25 region, en-route the next major hurdle near the 0.7060 supply zone.
On the flip side, 50% Fibo. level, around the 0.6925 region now seems to protect the immediate downside, below which the pair could slide back towards the 0.6900 round figure mark ahead of 23.6% Fibo. support near the 0.6875 region.
AUD/USD daily chart
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