Technical Analysis: Australian Dollar moves below the major level of 0.6550

The Australian Dollar trades around 0.6540 on Wednesday with psychological support seen at 0.6500. A breach below this level could potentially prompt the AUD/USD pair to target the area around the major support level of 0.6450 and February’s low at 0.6442. Conversely, on the upside, the immediate resistance zone is observed around the 23.6% Fibonacci retracement at 0.6543 and the major level of 0.6550. A breakout above this resistance zone may lead the AUD/USD pair to test further barriers, including the 50-day Exponential Moving Average (EMA) at 0.6571. Subsequently, additional resistance zones lie around the psychological level of 0.6600 and the 38.2% Fibonacci retracement at 0.6606.