AUD/USD Price Analysis: Eyeing a move beyond 38.2% Fibo. for bullish confirmation

• AUD/USD showed some resilience below 0.6600 mark and found some dip-buying interest.
• The technical set-up warrants some caution before positioning for any further positive move.

The AUD/USD pair reversed an early dip to sub-0.6600 levels and attracted some buying just ahead of a support marked by 23.6% Fibonacci level of the 0.7041-0.6434 downfall.

Currently hovering around the 0.6640 region, the pair has now moved back closer to two-week tops touched in reaction to the Fed’s surprise 50 bps rate cut on Tuesday.

Meanwhile, the intraday uptick now seems to have lifted the pair beyond a year-to-date descending trend-line resistance, which is closely followed by 38.2% Fibo. level.

However, technical indicators on the daily chart are yet to catch up with this week’s positive move and warrant some caution before positioning for any further appreciating move.

Hence, it will be prudent to wait for a sustained strength beyond the 0.6660 region (38.2% Fibo. level), which if cleared, might be seen as a fresh trigger for bullish traders.

The pair then might accelerate the positive move towards reclaiming the 0.6700 mark before eventually darting towards 50% Fibo. level, around the 0.6745-50 region.

AUD/USD daily chart

Technical levels to watch