Saad Ullah
⬤ AUD/USD has shifted into consolidation mode after its recent climb, settling around the 261% Fibonacci extension near 0.6930. The pair broke through several resistance zones before reaching this technical milestone, where it's now digesting gains rather than showing weakness. Price has stabilized just below the 0.69 mark, holding its ground after the rapid advance.
⬤ Intraday momentum indicators are stretched into overbought territory, but there's no sign of bearish reversal yet. The underlying trend structure remains constructive, with rising moving averages and support levels reinforcing the bullish bias.
The pair is holding around the 261% Fibonacci extension, indicating consolidation rather than a trend reversal.
⬤ A potential gap fill sits near 0.6900, which could come into play if the current sideways action extends. Former resistance around 0.6760 and 0.6660 now serve as support zones, creating a technical buffer underneath current price levels.
⬤ This consolidation phase is significant because it shows the market absorbing gains after a powerful move, not exhaustion. As long as AUD/USD stays above recent breakout levels, the technical picture suggests strength and resilience in the pair's upward trajectory.
Saad Ullah
