AUD/USD analysis: at risk of breaking lower

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7540

The AUD/USD pair bottomed at 0.7534 this Thursday, settling a couple of pips above it and down for a fourth consecutive day, undermined by persistent equities' weakness and a retracement in base metals. There were no big news coming from Australia, and the calendar will remain empty this last day of the week, meaning the pair will keep on taking clues from other markets. The decline stalled on soft US employment data, at a major Fibonacci support, the 38.2% retracement of its latest advance, and the level to break to confirm additional slides ahead. In the 4 hours chart, the 20 SMA has turned strongly bearish above the current level, now converging with the 23.6% retracement of the same rally, while technical indicators decelerated, but remain near oversold readings, favoring a decline towards 0.7470, the 61.8% retracement of the mentioned rally.

Support levels: 0.7535 0.7500 0.7470

Resistance levels: 0.7560 0.7600 0.7640

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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