After falling from its highs just below the .6900 mark, AUD/USD is now taking a breather around the .6800 handle.
What makes .6800 relevant today is that it lines up with a 50% Fibonacci retracement on the 1-hour chart. What’s more, it’s also around a previous resistance level for the pair!
Are we looking at a Fib bounce in the next couple of hours? I’m not seeing any bullish momentum yet, so it’s also possible that Aussie bears are just taking a chill pill and will attack again later.
Once you see some buying momentum, then you might want to target the previous highs near .6900, or until it hits one of the SMAs on the chart.