• The asset is comfortably stable above 50% Fibo retracement at 0.7246.
• A Golden Cross formation has weakened the greenback bulls.
• A bullish range shift of the RSI (14) in a 60.00-80.00 range adds to the upside filters.

The AUD/USD pair is juggling in a narrow range of 0.7253-0.7262 in the early European session. The pair witnessed a minor correction after failing to hit the round-level resistance of 0.7300. The aussie bulls remained firmer on Thursday after overstepping the crucial resistance of 0.7200. On a broader note, the asset is in the grip of bulls.

Aussie bulls have driven the asset above the 50% Fibonacci retracement, which is placed at 0.7246. The Fibo retracement is placed from April 5 high at 0.7662 to May 12 low at 0.6829.

The formation of the golden cross represented by the bullish crossover of the 50- and 200-period Exponential Moving Averages (EMAs) at 0.7137, adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into a bullish range of 60.00-80.00, which signals more gains ahead.

A pullback move towards Wednesday’s high at 0.7230 will be an optimal buying opportunity for the market participants. The pullback move will trigger an initiative buying action which will send the pair towards Friday’s high of 0.7283. A breach of Friday’s high will unleash the asset for further upside to near 61.8% Fibo retracement at 0.7344.

On the contrary, aussie bulls could lose control if the asset drops below Thursday’s low at 0.7140. An occurrence of the same will drag the asset towards May 19 high at 0.7073, followed by 23.6% Fibo retracement at 0.7026.

AUD/USD four-hour chart