AUD/USD Price Analysis: Bears approach 0.6730 confluence level on breaking nearby support


  • AUD/USD slides beneath 50-EMA, fortnight-old support line to lure sellers.
  • Downbeat oscillators, trend line break direct Aussie bears toward convergence of 200-EMA, 38.2% Fibonacci retracement.
  • Five-week-long horizontal region, double tops around 0.6900 act as additional upside filters.

AUD/USD prints mild losses around 0.6775-70 as it reverses the previous day’s corrective bounce amid Friday’s Asian session.

The Aussie pair’s latest weakness could be linked to the downside break of the 50-bar Exponential Moving Average (EMA) and a two-week-long rising support line. Adding strength to the downside bias is the market’s cautious mood, as well as bearish MACD signals and a steady RSI (14) line.

With this, the AUD/USD bears appear well set to target the 0.6730 support confluence comprising the 200-EMA and 38.2% Fibonacci retracement of its May 31 to June 16 upside.

However, the quote’s downside past 0.6730 has multiple supports to conquer before convincing the bears. Among them, an upward-sloping trend line from June 05, near 0.6610 at the latest, gains major attention.

On the flip side, the support-turned-resistance and the 50-EMA, around 0.6780 by the press time, restrict the immediate upside of the AUD/USD pair.

Following that, a horizontal area comprising multiple levels marked since mid-June, near 0.6830-35, will be an important hurdle to watch for the bulls.

Above all, the double tops around 0.6900 appears a tough nut to crack for the Aussie pair buyers.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.6772
Today Daily Change -0.0007
Today Daily Change % -0.10%
Today daily open 0.6779
 
Trends
Daily SMA20 0.6716
Daily SMA50 0.6689
Daily SMA100 0.6687
Daily SMA200 0.6715
 
Levels
Previous Daily High 0.6847
Previous Daily Low 0.6766
Previous Weekly High 0.6895
Previous Weekly Low 0.6624
Previous Monthly High 0.69
Previous Monthly Low 0.6484
Daily Fibonacci 38.2% 0.6816
Daily Fibonacci 61.8% 0.6797
Daily Pivot Point S1 0.6747
Daily Pivot Point S2 0.6716
Daily Pivot Point S3 0.6666
Daily Pivot Point R1 0.6829
Daily Pivot Point R2 0.6878
Daily Pivot Point R3 0.691

 

 

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