AUD/USD Price Analysis: Keeps bounce off 200-EMA above 0.6750 with eyes on Fed Chair Powell


  • AUD/USD prints mild gains to pare the biggest daily loss in a month, snaps three-day losing streak.
  • Rejection of monthly bullish channel keeps Aussie bears hopeful unless the quote stays below 0.6890.
  • Multiple technical levels, bullish MACD signals and upbeat RSI conditions challenge bears.

AUD/USD bulls struggle to regain the 0.6800 round figure while printing mild gains around the intraday high of 0.6799 heading into Wednesday’s European session. In doing so, the Aussie pair prints the first daily gains in four while bouncing off the 200-day Exponential Moving Average (EMA).

However, the previous day’s clean rejection of the three-week-old bullish channel keeps the AUD/USD sellers hopeful unless the quote rises past the stated channel’s lower line, close to 0.6890 by the press time.

Also acting as the upside filter is the 0.6900 round figure and the top line of the aforementioned rising channel, near the 0.7000 threshold.

It’s worth noting that the MACD signals are still bullish and the RSI (14) line suggests a continuation of the latest rebound by staying above 50.0 but not overbought.

As a result, the AUD/USD buyers may keep the reins unless the quote stays beyond the 200-EMA level of 0.6760.

Even if the quote drops below 0.6760, the 50% Fibonacci retracement level of 0.6665 and the lows marked in April and March, respectively near 0.6575 and 0.6565, can test the AUD/USD bears before giving them control.

Fundamentally, the AUD/USD pair faces multiple challenges from the Fed and China concerns.

Also read: AUD/USD pares weekly losses around 0.6800 as markets brace for Fed Chair Powell’s testimony

AUD/USD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price 0.6789
Today Daily Change 0.0004
Today Daily Change % 0.06%
Today daily open 0.6785
 
Trends
Daily SMA20 0.667
Daily SMA50 0.6679
Daily SMA100 0.6723
Daily SMA200 0.6692
 
Levels
Previous Daily High 0.6855
Previous Daily Low 0.6753
Previous Weekly High 0.69
Previous Weekly Low 0.6732
Previous Monthly High 0.6818
Previous Monthly Low 0.6458
Daily Fibonacci 38.2% 0.6792
Daily Fibonacci 61.8% 0.6816
Daily Pivot Point S1 0.674
Daily Pivot Point S2 0.6696
Daily Pivot Point S3 0.6638
Daily Pivot Point R1 0.6842
Daily Pivot Point R2 0.69
Daily Pivot Point R3 0.6945

 

 

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