AUD – The Australian dollar is trading in a high-level range

The Australian dollar against the U.S. dollar has been trading within a range of 0.66 to 0.67 since December. After breaking through the top, it is now using the 0.67 level as a support. Another key level to watch is the 25-day moving average, currently at 0.6670. A clear breach of these two levels could lead to a pullback in the Australian dollar. Based on Fibonacci retracement levels, the 23.6% and 38.2% retracements are at 0.6685 and 0.6635, respectively, while the 50% and 61.8% retracements are at 0.6595 and 0.6555. The low of 0.6421 on November 21st last year is a key medium-term reference point. Resistance is estimated at the high of last Wednesday at 0.6768 and the 0.68 level, with the next levels expected at 0.6950 and 0.70.

Forecast range:
Resistance: 0.6768 – 0.6800 – 0.6950 – 0.7000*
Support: 0.6700 – 0.6670 – 0.6635 - 0.6595 - 0.6555
 

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