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AUD/USD Price Analysis: Bulls eye 0.6660 resistance confluence and RBA Interest Rate Decision

  • AUD/USD grinds near the highest level in a fortnight after three-day uptrend.
  • Convergence of 50-DMA, 50% Fibonacci retracement guards immediate upside.
  • Upbeat oscillators, recovery from falling wedge’s bottom line keeps Aussie buyers hopeful.
  • RBA is expected to keep current monetary policy unchanged amid market’s indecision.

AUD/USD bulls take a breather around 0.6620, making rounds to a two-week high amid Tuesday’s sluggish session as Aussie pair traders await the Reserve Bank of Australia’s (RBA) Interest Rate Decision. In doing so, the quote remains sidelined after rising in the last three consecutive days, following a bounce off the yearly falling wedge’s bottom line.

Also read: Reserve Bank of Australia Preview: AUD/USD ready for another hike?

The Aussie pair’s rebound from the support line of a falling wedge established since late December 2022 crossed 61.8% Fibonacci retracement of October 2022 to February 2023 upside and teased the buyers in the last few days. Adding strength to the upside momentum are the recently bullish MACD signals and upbeat RSI (14) line to keep buyers hopeful.

With this, the AUD/USD pair is all set to confront a convergence of the 50% Fibonacci retracement level and the 50-DMA, around 0.6660. However, any further upside beyond the same hinges on the RBA’s capacity to lure the bulls.

Following that, the aforementioned falling wedge bullish chart pattern’s top line, close to 0.6730 at the latest, becomes crucial to watch for clear directions.

Should the quote rises past 0.6730, the odds of witnessing a run-up towards crossing the previous monthly high of around 0.6720 can’t be ruled out.

On the contrary, pullback moves may initially aim for the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, close to 0.6545 at the latest.

However, the AUDUSD bears need validation from the wedge’s bottom line, surrounding 0.6495 by the press time.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price0.6619
Today Daily Change0.0009
Today Daily Change %0.14%
Today daily open0.661
 
Trends
Daily SMA200.6626
Daily SMA500.6664
Daily SMA1000.6755
Daily SMA2000.6695
 
Levels
Previous Daily High0.6639
Previous Daily Low0.6565
Previous Weekly High0.6639
Previous Weekly Low0.6458
Previous Monthly High0.6818
Previous Monthly Low0.6458
Daily Fibonacci 38.2%0.6611
Daily Fibonacci 61.8%0.6593
Daily Pivot Point S10.6571
Daily Pivot Point S20.6531
Daily Pivot Point S30.6497
Daily Pivot Point R10.6644
Daily Pivot Point R20.6678
Daily Pivot Point R30.6718

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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