Just been watching the AUD/USD action and it's interesting how it pulled back after that rally. Hit the highest point in about four weeks but couldn't hold above 0.7100 - seems like buyers are taking a breather there. No major news trigger that I can see, just profit-taking probably.

What's supporting the pair though is pretty solid. The US dollar has been weakening since early March, partly because of that Iran diplomatic situation keeping risk appetite alive. Plus the Fed uncertainty around rate moves isn't helping the dollar either. Meanwhile the RBA staying hawkish is definitely working in the AUD's favor short-term.

Looking at the technicals, the pair is still in a bullish setup as long as it stays above the 200-period EMA on the 4-hour chart and holds that 61.8% Fibonacci retracement around 0.7052. The RSI is hovering near 60 which shows buyers have control, but we're not at overbought yet. The MACD is flattening out just below zero though, so momentum isn't exactly explosive.

If I'm watching this, I'd say the immediate resistance is around 0.7111 (78.6% Fibonacci) with the recent swing high at 0.7186 being the next target. On the downside, if we break below that 200 EMA at 0.6994, things could get messy - we'd be looking at support around 0.6969 and then 0.6917. The recent cycle low sits near 0.6834. Pretty textbook setup for AUD/USD right now, just consolidating at these levels.