Chartbook: Chart AUD/USD: Room to extend bounce from .6100, Fibonacci level

Break of the 2022 year low at .6170 in early January has seen losses reaching fresh low at .6100, 76.4% Fibonacci retracement of the 2020/2021 rally. 

Choppy trade from the latter see prices tracing out a small bottom pattern to reach the .6350/.6400 resistance to retrace 38.2% of the losses from the September 2024 year high. Break of this area will be positive and turn focus higher to the .6500/.6600 congestion zone. Clearance here will open up room for retest of the trend line from the 2021 year high at the .6700 level going into Q2. Above this will return focus to the .6900 congestion and .6942, 2024 year high.

Meanwhile, support at the .6170 and .6100 lows expected to underpin. Break of these will further extend the bearish trend and see room to the lower support at the .6000/.5800 congestion area.