AUD/USD Price Analysis: Portrays bearish consolidation below 0.6700


  • AUD/USD remains pressured within 40-pip rectangle, justifies clear break of short-term ascending trend line, 200-HMA.
  • Downbeat oscillators suggest further grinding towards the south.
  • Aussie pair buyers need validation from 0.6780; bears have ample room to cheer.

AUD/USD bears return to the table, following an upbeat start of the week, as the Aussie pair drops to 0.6680 amid early Tuesday morning in Europe.

In doing so, the risk barometer remains within a short-term rectangle formation comprising multiple levels marked since the last Friday amid a steady RSI (14) line, below the median line of late.

However, a clear downside break of a fortnight-old ascending trend line and the 200-Hour Moving Average (HMA) joins the bearish MACD signals to keep Aussie bears hopeful.

That said, the stated trend continuation pattern’s lower line, close to 0.6665 of late, puts a floor under the AUD/USD prices, a break of which could quickly direct the sellers towards the monthly low of 0.6620.

In a case where the AUD/USD price remains bearish past 0.6620, the 0.6600 round figure and the yearly low marked in March around 0.6560 could lure the sellers.

On the flip side, the aforementioned rectangle’s top line, around 0.6710 at the latest, precedes the 200-HMA level of 0.6720 to restrict the short-term recovery of the AUD/USD pair.

Following that, the previous support line stretched from April 11, near 0.6725 can act as the last defense of the AUD/USD bears.

Should the AUD/USD buyers keep the reins past 0.6725, a one-week-old horizontal resistance area between 0.6770 and 0.6780 can challenge the upside momentum.

AUD/USD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.668
Today Daily Change -0.0016
Today Daily Change % -0.24%
Today daily open 0.6696
 
Trends
Daily SMA20 0.6706
Daily SMA50 0.6721
Daily SMA100 0.6798
Daily SMA200 0.6742
 
Levels
Previous Daily High 0.6699
Previous Daily Low 0.6666
Previous Weekly High 0.6772
Previous Weekly Low 0.6678
Previous Monthly High 0.6784
Previous Monthly Low 0.6564
Daily Fibonacci 38.2% 0.6686
Daily Fibonacci 61.8% 0.6678
Daily Pivot Point S1 0.6675
Daily Pivot Point S2 0.6653
Daily Pivot Point S3 0.6641
Daily Pivot Point R1 0.6708
Daily Pivot Point R2 0.672
Daily Pivot Point R3 0.6742

 

 

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