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Abstract：*AUD/USD bounces off a dip to near yearly lows of 0.7105. *Aussie re-opening optimism and risk-on mood underpin the aussie. *23.6% Fibo level to challenge the road to recovery for AUD bulls.
AUD/USD is attempting a bounce from three-week lows of 0.7105, as it looks to recapture the 0.7200 round number.
The aussie benefits from the risk-on market mood-driven broad US dollar weakness. Further, the Australian re-opening optimism outweighs the Delta covid variant concerns, especially after the country's PM Scott Morrison called on the state leaders to stick to their plan to re-open.
As observed on the pairs daily chart, the bulls are attempting a bounce in the Asian trades this Monday, looking to take out the immediate resistance at 0.7172, which is the 23.6% Fibonacci Retracement level of the sell-off from the August 13 peak to the yearly lows reached last Friday.
Recapturing the latter is critical to extending the recovery momentum towards 0.7200.
The 14-day Relative Strength Index (RSI) is also rebounding from the oversold region, backing the corrective pullback.
Further south, sellers could then aim for the 0.7050 psychological barrier.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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