AUD/USD Consolidates Near 0.7000, Awaits 38.2% Fibo Breakout
The AUD/USD pair continues to trade in a narrow range around the 0.7000 psychological level as traders look for a decisive breakout of the 38.2% Fibonacci retracement to signal the next move.
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The Australian dollar is holding steady against the US dollar, with the AUD/USD pair consolidating near the 0.7000 mark during Asian trading. Price action remains sideways as bulls struggle to push higher.
Market participants are now focused on the 38.2% Fibonacci retracement level. A clean break above this technical barrier could open the door for further gains, while failure to do so may keep the pair range-bound. No clear directional bias has emerged yet.
Source: FXStreet Forex News