Level Technical Significance

0.6548 61.8% Fibo 0.6943-0.5910

0.6527 Daily High Dec 2 2024

0.6515 2025 High May 7

0.6463 Daily High May 8

0.6405 ==Update Price==

0.6368 Daily Low May 1

0.6357 Daily Low Apr 30

0.6345 Daily Low Apr 24

0.6323 Daily Low Apr 16

Strategy Await Signal

Current Position Flat @ 0.6350

Target: Stop:

Open/Close 03-Apr-25

AUD/USD last week closed above 0.6427 Fibo, 50% retrace of the 0.6943 to 0.5910 (2025 to 2024) drop, but this week it has failed to sustain trading above. A failure to register a second weekly close above 0.6427 hint at a bull trap: set when a market breaks above a tech level then reverses. Spot finds support at 0.6371, under 0.6372 Fibo: a 23.6% of 0.5910-0.6515 (April-May) rise on Friday.

Weekly Chart:


Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)