AUD/USD finds support at 0.7720, holds a bearish intraday bias


  • AUD/USD down for the day, still above the key 20-day moving average.
  • US dollar gains momentum, recovery remains limited.

The AUD/USD pair is falling on Wednesday after rising sharply on Tuesday. It bottomed at 0.7720 after the beginning of the American session and then bounced to the upside, rising to 0.7755.  As of writing, it trades at 0.7740, still holding a bearish intraday bias after begin unable to rise back above the 20-hour moving average at 0.7755/60.

The greenback appears to be recovering strength as AUD/USD moves off the recent peak. The DXY is up by 0.23%, at 90.30 after making a retreat to 90.15. Equity prices in Wall Street are posting mixed results, and US yields are lower. The 10-year fell to 1.09%, the lowest level since January 8.

Despite lower yields, the dollar is holding to modest gains. Economic data from the US showed annual inflation reach in December 1.4% slightly above the 1.3% expected. In a few hours, the Federal Reserve will release the Beige Book. On Thursday, Chinese trade data is due.

From a technical perspective, AUD/USD remains in a bullish trend, but in the short-term, it appears to be losing momentum. Below 0.7700, a key support is seen at 0.7660, the 20-day moving average. On the upside, above 0.7760 the Aussie could point to a test of the 0.7800 area.

Technical levels

AUD/USD

Overview
Today last price 0.7752
Today Daily Change -0.0022
Today Daily Change % -0.28
Today daily open 0.7774
 
Trends
Daily SMA20 0.766
Daily SMA50 0.7479
Daily SMA100 0.7331
Daily SMA200 0.707
 
Levels
Previous Daily High 0.7778
Previous Daily Low 0.7687
Previous Weekly High 0.782
Previous Weekly Low 0.7642
Previous Monthly High 0.7743
Previous Monthly Low 0.7338
Daily Fibonacci 38.2% 0.7743
Daily Fibonacci 61.8% 0.7721
Daily Pivot Point S1 0.7715
Daily Pivot Point S2 0.7655
Daily Pivot Point S3 0.7623
Daily Pivot Point R1 0.7806
Daily Pivot Point R2 0.7838
Daily Pivot Point R3 0.7898

 

 

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