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On Tuesday, AUD strengthened against USD on optimism of further easing measures by the US Fed to stimulate the world's largest economy.
The pair jumped above the 50% Fibonacci Retracement Level of its fall from 1.0612 to 1.0167.
On Wednesday, AUD advanced to 1.05 against USD after Germany's Federal Constitutional Court cleared the way for Germany's participation in the 500 Billion Euro, Euro-zone's permanent rescue fund and managed to move above 61.8% retracement level.
The pair, however, trimmed gains from 1.0505, intraday high and is currently quoting at 1.0467.
On the downside immediate support for the currency pair is seen near 1.0440 – 1.0430 zone, the 61.8% retracement level.
Should the pair fail to hold 1.0440 – 1.0430 support, it seems to extend its downward momentum towards 1.0365 – 1.0370 support zone. However, 1.0390 – 1.040 on the downside may provide intermediate support for the currency pair.
On the upside, 1.05 may continue to act as psychological resistance for the currency pair.
Should the pair decisively move above 1.05 resistance area, the gain for the currency pair seems to get extended towards 1.0580 – 1.0600 strong resistance zone.
Furthermore, should the pair slips below 1.0420, further weakness is likely to be witnessed for the currency pair and pair seems to retest 1.02 levels on the downside.
Intraday Important Technical Levels
Support 1 – 1.0434 Resistance 1 – 1.0502
Support 2 – 1.0396 Resistance 2 – 1.0534
Support 3 – 1.0361 Resistance 3 – 1.0577
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