AUD/USD Consolidation Phase Exceeded 23.6% Fibonacci
Solid ECN—The AUD/USD pair consolidates after dipping to a low of 0.657. The current pullback was anticipated as the pair formed a doji candlestick today. Currently, the AUD/USD is attempting to close and stabilize above the 23.6% Fibonacci retracement level. Technical indicators on the 4-hour chart indicate a ranging market with weakening bearish momentum.
Immediate support is at $0.659. The 38.2% Fibonacci resistance level will likely be targeted if the exchange rate stays above this level. If the price exceeds $0.662, the 50% Fibonacci level, supported by the Ichimoku cloud, could be the next target.
Conversely, if AUD/USD declines below the immediate support at $0.659, it will likely test the 0.657 level again. Should selling pressure increase, the May 8th low of $0.655 should be considered the next support level.