- AUD/USD edges higher on Monday in the Asian trading hour.
- Strong support emerges near 61.8% Fibonacci retracement with multiple bottom formations.
- The bulls remain hopeful above 0.7300 despite a neutral MACD.
AUD/USD prints gains on the first trading day of the week. The pair opened lower but recovered swiftly to touch the intraday high 0.7291. At the time of writing, AUD/USD is trading at 0.7285, up 0.33% for the day.
AUD/USD daily chart
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On the daily chart, after testing the YTD lows at 0.7105 on August 24, the AUD/USD pair tested the high of 0.7478 on September 3. The pair failed to preserve the momentum and traced back to the lower levels while consolidating near 0.7220 since the past week.
Currently, if price sustains above the intraday high, then it could move back to the psychological 0.7300 level, which also coincides with the 50% Fibonacci retracement that extends from the low of 0.7105. A daily close above the mentioned level would take AUD/USD bulls toward the 0.7350 horizontal resistance level.
The Moving Average Convergence Divergence (MACD) indicator trades below the midline. Any uptick in the MACD would amplify the buying pressure toward the high made on September 10 at 0.7410.
Alternatively, if price reverses direction and breaks the multiple support formation near 0.7250, it would drag the pair toward the 0.7200 horizontal support line. Next, the market participants would aim for the 0.7150 horizontal support level, followed by the yearly lows at 0.7105.