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AUD/USD technical analysis: Remains vulnerable near 2-week lows, around mid-0.6800s

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AUD/USD technical analysis: Remains vulnerable near 2-week lows, around mid-0.6800s

  • The pair already seems to have found bearish acceptance below 23.6% Fibo. level.
  • The technical set-up supports prospects for a further near-term depreciating move.

The AUD/USD pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the mid-European session, consolidating the recent losses to near two-week lows.

Given that the pair already seems to have found acceptance below 23.6% Fibonacci level of the 0.6671-0.6930 recent bounce, the near-term set-up seems tilted in favor of bearish traders.

This coupled with the fact that the pair remains well below its important intraday moving averages – 50, 100 & 200-hour SMAs – support prospects for a further near-term depreciating move.

Meanwhile, oscillators on hourly charts have been drifting lower in the bearish territory and losing positive momentum on the daily chart, which further adds credence to the negative outlook.

Sustained weakness below mid-0.6800s will reinforce the bearish bias and turn the pair vulnerable to accelerate the fall further towards 38.2% Fibo. level support near the 0.6830 regions.

The downward momentum could further get extended towards the 50% Fibo. level, around the 0.6800 handles, which if broken might been as a fresh trigger for short-term bearish traders.

On the flip side, attempted recovery moves might now confront some fresh supply near the 0.6875-80 region (23.6% Fibo. level), above which the pair is likely to surpass the 0.6900 handles.

Any subsequent move up might continue to face stiff resistance near the 0.6930 supply zone, which if cleared decisively will set the stage for a further near-term appreciating move.

AUD/USD

OVERVIEW
Today last price 0.6856
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 0.6857
TRENDS
Daily SMA20 0.685
Daily SMA50 0.6813
Daily SMA100 0.685
Daily SMA200 0.6947
LEVELS
Previous Daily High 0.6907
Previous Daily Low 0.6847
Previous Weekly High 0.6929
Previous Weekly Low 0.6847
Previous Monthly High 0.693
Previous Monthly Low 0.667
Daily Fibonacci 38.2% 0.687
Daily Fibonacci 61.8% 0.6884
Daily Pivot Point S1 0.6834
Daily Pivot Point S2 0.681
Daily Pivot Point S3 0.6774
Daily Pivot Point R1 0.6893
Daily Pivot Point R2 0.693
Daily Pivot Point R3 0.6953
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