The AUDUSD traded with significant volatility overnight as the price reversed strongly from the 0.6730 resistance area to trade down to the 0.6650 price level.
However, the 0.6650 price level coincides with the 61.8% Fibonacci retracement level and resisted further downward moves.
Currently the price is trading just below the round number level of 0.67 which also aligns with the shorter term fib retracement level of 61.8%
If the price is able to break above the 0.67 price level, the AUDUSD is likely to continue trading up to the 0.6730 resistance level.
A bigger move to the upside would be driven by the possible weakness in the DXY, especially with the FOMC decision due.
The next resistance level beyond 0.6730 is at 0.6780 and 0.6825.
However, the 0.6650 price level coincides with the 61.8% Fibonacci retracement level and resisted further downward moves.
Currently the price is trading just below the round number level of 0.67 which also aligns with the shorter term fib retracement level of 61.8%
If the price is able to break above the 0.67 price level, the AUDUSD is likely to continue trading up to the 0.6730 resistance level.
A bigger move to the upside would be driven by the possible weakness in the DXY, especially with the FOMC decision due.
The next resistance level beyond 0.6730 is at 0.6780 and 0.6825.
