Technical Analysis: Australian Dollar hovers below 0.6540 followed by the 23.6% Fibonacci

The Australian Dollar trades near 0.6540 on Monday. The immediate resistance appears at the 23.6% Fibonacci retracement level of 0.6541, followed by the major barrier of 0.6550 level. A breakthrough above the latter could lead the AUD/USD pair to navigate the area around the 50-day Exponential Moving Average (EMA) at 0.6566 following the psychological barrier of 0.6600. On the downside, the key support appears at the psychological level of 0.6500. followed by March’s low at 0.6477