- The AUD/USD pair built on the previous session’s bounce from 50-day SMA support and continued gaining traction for the second consecutive session on Wednesday.
- The uptick took a brief pause near 50% Fibo. level of the 0.7207-0.6831 recent downfall, which should now act as a key pivotal point for the pair’s near-term trajectory.
The mentioned hurdle is just ahead of two-month tops set on Monday, which if cleared will set the stage for an extension of the pair’s recent recovery move from multi-month lows further towards the 0.7060 supply zone.
The latter coincides with 61.8% Fibonacci level, above which the positive momentum might assist the pair to aim towards reclaiming the 0.7100 round figure mark en-route the next major hurdle near the 0.7130-35 region.
Meanwhile, technical indicators on the daily chart maintained their bullish bias and have again started gaining positive momentum on hourly charts, reinforcing prospects for further appreciating move in the near-term.
However, traders are likely to await a sustained move beyond the mentioned hurdle before placing fresh intraday bullish bets as the focus now shifts to the release of the US ISM non-manufacturing PMI print for June.
AUD/USD daily chart
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