- AUD/USD trades near 0.7100 mark during early Wednesday.
- The pair recently took a U-turn 50% Fibonacci retracement of its moves since late-January to March 08, highlighting the importance of a two-week-old ascending support-line, at 0.7070.
- Should prices refrain from reversing around 0.7070, 0.7050 and 0.7020 can entertain short-term traders ahead of flashing 0.7000 on their radar.
- Additionally, 61.8% Fibonacci expansion (FE) level near 0.6980 can challenge bears afterward.
- On the flipside, 50% Fibonacci retracement level of 0.7150 can limit the pair’s immediate advances, a break of which could escalate the quote to a downward sloping trendline stretched since February 20 at 0.7165 now.
- If at all buyers manage to cross 0.7165 upside barrier, 0.7200 and 0.7235/40 can gain market attention.
AUD/USD 4-Hour chart
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