AUD/USD Price Analysis: Marches towards previous support near 0.6650

AUD/USD picks up bids to refresh intraday high, extends the previous day’s rebound.
Downbeat oscillators fail to back Thursday’s U-turn from 38.2% Fibonacci retracement.
Bottom line of bullish channel prods Aussie pair’s immediate upside.

Anil Panchal FXStreet

AUD/USD stays on the front foot around 0.6640 as it defends the previous day’s gains after bouncing off a six-week low. In doing so, the Aussie pair approaches the support-turned-resistance line stretched from early March, forming part of the previous bullish channel.

It’s worth noting, however, that the bearish MACD signals and sluggish RSI (14), can challenge the AUD/USD bulls around the 0.6655 previous support.

In a case where the Aussie buyers manage to cross the 0.6655 hurdle, its run-up towards the 50% Fibonacci retracement level of the June-October 2022 downturn, near 0.6725, can’t be ruled out.

However, the 100-DMA and the top line of the aforementioned channel, respectively near 0.6795 and 0.6835, can challenge the AUD/USD bulls afterward.

Should the Aussie pair buyers manage to keep the reins past 0.6835, they can retake the driver’s seat.

Meanwhile, the 38.2% Fibonacci retracement level of 0.6595 restricts the immediate downside of the AUD/USD pair. Following that, the yearly low marked in March around 0.6565 will be in the spotlight.

If the AUD/USD bears manage to conquer the 0.6565 support, multiple levels near 0.6530-25 can challenge the Aussie pair’s downside before giving control to the sellers.

Overall, AUD/USD remains on the bear’s radar even if the upside room appears limited.

AUD/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6635
Today Daily Change	0.0005
Today Daily Change %	0.08%
Today daily open	0.663

Trends
Daily SMA20	0.6694
Daily SMA50	0.6703
Daily SMA100	0.6795
Daily SMA200	0.6738

Levels
Previous Daily High	0.6636
Previous Daily Low	0.6595
Previous Weekly High	0.6772
Previous Weekly Low	0.6678
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.662
Daily Fibonacci 61.8%	0.6611
Daily Pivot Point S1	0.6605
Daily Pivot Point S2	0.658
Daily Pivot Point S3	0.6565
Daily Pivot Point R1	0.6645
Daily Pivot Point R2	0.6661
Daily Pivot Point R3	0.6686

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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