AUDUSD on the chart is currently unfolding a corrective abc structure within a rising parallel channel where wave C appears to be completing after testing the upper boundary resistance indicating potential short term exhaustion price has now started pulling back towards the golden zone between the fifty and sixty one point eight retracement levels aligning with the lower boundary of the channel which may act as dynamic support a bullish rejection from this zone would confirm continuation to the upside fundamentally the Australian dollar is underpinned by recent improvement in Chinese data which is Australia largest trading partner while the US dollar faces pressure from softer inflation expectations and increasing speculation that the Fed might pause or even cut rates in upcoming meetings any bounce from the confluence support zone could trigger a fresh impulsive rally targeting previous highs