- AUD/USD extends recovery moves from 61.8% Fibonacci retracement.
- 38.2% Fibonacci retracement caps pullback ahead of 100-HMA.
- Bullish MACD, sustained break of key HMA favor buyers.
- RBA widely anticipated keeping monetary policy unchanged, rate statement in focus.
AUD/USD takes the bids near 0.6445, up 0.31% on a day, during the early Tuesday’s trading.
While extending its pullback from 61.8% Fibonacci retracement of late-April upside, the Aussie pair recently pierced 200-HMA.
Though, 38.2% Fibonacci retracement level around 0.6450 seems to guard the immediate upside before shifting the market’s attention to 100-HMA, at 0.6478 now.
Alternatively, 0.6410 level comprising 50% Fibonacci retracement can offer a nearby rest during the pair’s U-turn ahead of the key Fibonacci support close to 0.6370.
If at all the bears dominate past-61.8% Fibonacci retracement level, 0.6330 and 0.6280 can entertain them.
Also read: RBA Preview: Markets looking for forecasts, not action
AUD/USD hourly chart
Trend: Further recovery expected
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