AUD/USD Consolidates Near 0.7000 as Bulls Await 38.2% Fibo Breakout
The Australian dollar is trading in a narrow range around the 0.7000 handle against the greenback on Monday, with bulls waiting for a break above the 38.2% Fibonacci resistance level.
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AUD/USD opened the week with a modest bullish gap but failed to build on that momentum, oscillating around the psychologically important 0.7000 level throughout the Asian session. Trading volumes were thin, leaving the pair confined to a tight range.
The 38.2% Fibonacci retracement of the recent decline is now acting as immediate resistance, and a decisive move above it could signal a shift in short-term trend. For now, the pair remains in consolidation mode, with both buyers and sellers lacking conviction.
Source: FXStreet Forex News