AUDUSD has been consolidating above the 23.6% Fibonacci retracement (0.8916) of the downleg from Oct 23 (0.9756) to Jan 24 (0.8659). The pair is currently trapped between its 200-day and 50-day moving averages.
There is immediate resistance at the 38.2% Fibonacci at 0.9078 while the key psychological level at 0.9000 is an important support level in the short term. A breach of this level would see the pair move back down towards the 23.6 Fibonacci at 0.8916.
All-in-all, the pair is directionless on the daily chart and the technical indicators are neutral. RSI has flattened and is hovering just above the 50-point level while the MACD has flattened just above the zero level.
AUDUSD has been consolidating above the 23.6% Fibonacci retracement (0.8916) of the downleg from Oct 23 (0.9756) to Jan 24 (0.8659). The pair is currently trapped between its 200-day and 50-day moving averages.
There is immediate resistance at the 38.2% Fibonacci at 0.9078 while the key psychological level at 0.9000 is an important support level in the short term. A breach of this level would see the pair move back down towards the 23.6 Fibonacci at 0.8916.
All-in-all, the pair is directionless on the daily chart and the technical indicators are neutral. RSI has flattened and is hovering just above the 50-point level while the MACD has flattened just above the zero level.
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