AUD/USD Price Analysis: Aussie kicking off 2020 with a small correction below 0.7000 handle

01/02/2020 18:37:55 GMT|ByFlavio Tosti

AUD/USD is starting the new year, retracing a tiny part of the gains made in December.
Key support is seen in the 0.6970/0.6959 price zone.

AUD/USD weekly chart

The aussie is kicking off 2020 while trading above the 0.6900 handle and the 50-period weekly simple moving average (SMA). In 2019, the market was under pressure in the first half of the year, but from August onwards, the spot retraced back up. If the bulls keep AUD/USD above the 0.6700 handle, the year 2020 could be sideways to up.

AUD/USD daily chart

AUD/USD is retracing down below the 0.7000 handle while trading above the main simple moving averages (SMAs), suggesting an underlying bullish tone.

AUD/USD four-hour chart

The market is nearing the 50 SMA. The buyers will need to reclaim the 0.7000 resistance if they intend to test the 0.7039 and 0.7053 resistances. However, if bears manage to pierce the 0.6970/0.6959 price zone, the market could extend the correction towards the 0.6929 level, according to the Technical Confluences Indicator.

Additional key levels

AUD/USD

Overview
Today last price	0.6982
Today Daily Change	-0.0032
Today Daily Change %	-0.46
Today daily open	0.7014

Trends
Daily SMA20	0.6904
Daily SMA50	0.6862
Daily SMA100	0.6824
Daily SMA200	0.69

Levels
Previous Daily High	0.7043
Previous Daily Low	0.7004
Previous Weekly High	0.6987
Previous Weekly Low	0.6892
Previous Monthly High	0.7033
Previous Monthly Low	0.6762
Daily Fibonacci 38.2%	0.7019
Daily Fibonacci 61.8%	0.7028
Daily Pivot Point S1	0.6997
Daily Pivot Point S2	0.6981
Daily Pivot Point S3	0.6958
Daily Pivot Point R1	0.7036
Daily Pivot Point R2	0.7059
Daily Pivot Point R3	0.7075

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