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The AUD/USD pair is nearing the long term 38.2% Fibonacci retracement at 0.7639 where it may struggle, according to Axel Rudolph, Senior FICC Technical Analyst at Commerzbank.

Key quotes

“AUD/USD continues its advance and nears the 38.2% Fibonacci retracement of the 2011-2020 descent at 0.7639. We would allow for some near-term profit taking to take place around this level. It is the breaking point longer term for the 2018 peak at 0.8135.” 

“The aussie remains immediately bid while it stays above the two-month uptrend line at 0.7496. Below it sits the 0.7413 September high.”