Technical Analysis: Australian Dollar hovers around the major level of 0.6550

The Australian Dollar trades near 0.6550 on Tuesday. If it surpasses this level, it could encounter immediate resistance around the major barrier of 0.6550, in conjunction with the nine-day Exponential Moving Average (EMA) at 0.6554. A successful breakthrough above this level might propel the AUD/USD pair to test the 38.2% Fibonacci retracement level at 0.6565. On the downside, if the price retreats, a significant support level lies at the psychological mark of 0.6500, followed by March’s low at 0.6477