Fibonacci retracements are obviously much less reliable in non-trending markets and this pair has been forming a sideways wedge pattern on the weekly chart for the last 18 months, basically trading without a trend. Nevertheless, the market still pays attention to these levels and with a low on the daily chart also near the 50% retracement at 1.0100, intraday dips are likely to run into solid support.
I’m still of the view that big global macro hedge funds are trying to build shorts in AUD/USD after the RBA rate cut and bearish statement on China, so the most immediate pressure will remain to the downside.