AUD/USD Price Analysis: Drops back towards 100-DMA

AUD/USD refreshes intraday low, reverses the previous day’s up-moves.
Late October low, September’s peak guard immediate upside.
Friday’s Doji keeps buyers hopeful despite bearish MACD signals.

Anil Panchal FXStreet

AUD/USD takes offers to renew intraday low near 0.7390, consolidating the week-start gains during early Tuesday.

Although bearish MACD signals hint at the Aussie pair’s further weakness, the 100-DMA and Friday’s Doji challenges the bears.

If the quote breaks the stated DMA support and Friday’s low, respectively near 0.7375 and 0.7360, the bullish candlestick formation gets negated. The same will direct AUD/USD bears towards three-month-old horizontal support near 0.7315-10.

However, any extra downside will be challenged by an ascending support line from August 20, around 0.7235 by the press time.

Meanwhile, recovery moves need validation from October 22 low and September’s peak, near 0.7450 and 0.7480 in that order, to recall the AUD/USD buyers.

Following that, 200-DMA and the monthly peak can challenge the pair bulls around 0.7550-60.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7394
Today Daily Change	-0.0030
Today Daily Change %	-0.40%
Today daily open	0.7424

Trends
Daily SMA20	0.7455
Daily SMA50	0.7369
Daily SMA100	0.738
Daily SMA200	0.7551

Levels
Previous Daily High	0.7432
Previous Daily Low	0.7384
Previous Weekly High	0.7537
Previous Weekly Low	0.736
Previous Monthly High	0.7557
Previous Monthly Low	0.7191
Daily Fibonacci 38.2%	0.7414
Daily Fibonacci 61.8%	0.7402
Daily Pivot Point S1	0.7395
Daily Pivot Point S2	0.7365
Daily Pivot Point S3	0.7347
Daily Pivot Point R1	0.7443
Daily Pivot Point R2	0.7461
Daily Pivot Point R3	0.7491

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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