Technical Analysis: Australian Dollar hovers below the major barrier of 0.6550

The Australian Dollar trades near 0.6540 on Wednesday. Immediate resistance is noted at the major level of 0.6550, followed by the nine-day Exponential Moving Average (EMA) at 0.6561. A breakthrough above this level could potentially propel the AUD/USD pair towards the psychological level of 0.6600. On the downside, the 61.8% Fibonacci retracement level of 0.6528 acts as an immediate support before the psychological level of 0.6500. A breach below this support zone might exert pressure on the AUD/USD pair, potentially leading to a retest of March’s low at the 0.6477 level