AUD/USD Price Analysis: Flirting with daily lows, around 0.6600 mark
|- AUD/USD struggled to extend the recent recovery amid weaker risk sentiment.
- Bulls are likely to wait for a sustained move above YTD descending trend-line.
The AUD/USD pair failed to capitalize on its recent recovery move from 11-year lows and witnessed a modest pullback from closer to near two-week tops set on Tuesday.
A fresh wave of the global risk-aversion trade weighed on the perceived riskier currency aussie and led to the downtick through the mid-European session on Thursday.
The fact that technical indicators on the daily chart are yet to catch up with this week's positive move, the pair struggled to make it through a year-to-date descending trend-line.
The mentioned resistance is closely followed by 38.2% Fibonacci level of the 0.7041-0.6434 downfall, which if cleared, might be seen as a fresh trigger for bullish traders.
The pair then might accelerate the positive move towards reclaiming the 0.6700 mark before eventually darting towards 50% Fibo. level, around the 0.6745-50 region.
On the flip side, any subsequent slide below the 0.6600 mark is likely to attract some dip-buying and help limit losses near 23.6% Fibo. level, around the 0.6580-75 area.
AUD/USD daily chart
Technical levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.