AUD/USD Price Analysis: Any recovery remains elusive below 0.6705

AUD/USD pares the biggest daily loss in a week amid sluggish markets, retreats from daily high of late.
Bearish MACD signals, steady RSI suggests a continuation of downtrend.
Six-week-old descending resistance line, 100-SMA restrict immediate upside.
Aussie bulls remain confused below 200-SMA; one-week-long horizontal support puts a floor under the prices.

Anil Panchal FXStreet

AUD/USD struggles to keep the daily gains around 0.6620 as it consolidates the biggest slump in a week during Thursday’s sluggish morning in Europe, after a volatile Wednesday that rocked markets with a risk-off mood.

In doing so, the Aussie pair justifies the bearish MACD signals and RSI (14) line, as well as the repeated failures to cross a 1.5-month-long resistance line and the 100-SMA, to tease the intraday sellers.

However, an area comprising multiple lows marked since March 07, between 0.6565 and 0.6575, appears a tough nut to crack for the AUD/USD bears.

Also acting as the downside filters are the tops marked during October 2022 around 0.6545 and 0.6520.

On the contrary, the aforementioned resistance and the 100-SMA, respectively near 0.6690 and 0.6705, restrict short-term AUD/USD advances amid downbeat oscillators.

Even if the AUD/USD bulls manage to cross the 0.6705 hurdle, the monthly high near 0.6785 and the 0.6800 round figure will precede the 200-SMA resistance of around 0.6830 to challenge the risk-barometer pair’s further upside.

To sum up, AUD/UDS is likely to remain bearish but the road towards the south appears bumpy.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6626
Today Daily Change	0.0007
Today Daily Change %	0.11%
Today daily open	0.6619

Trends
Daily SMA20	0.6732
Daily SMA50	0.6876
Daily SMA100	0.6773
Daily SMA200	0.6769

Levels
Previous Daily High	0.6712
Previous Daily Low	0.659
Previous Weekly High	0.677
Previous Weekly Low	0.6564
Previous Monthly High	0.7158
Previous Monthly Low	0.6698
Daily Fibonacci 38.2%	0.6636
Daily Fibonacci 61.8%	0.6665
Daily Pivot Point S1	0.6569
Daily Pivot Point S2	0.6518
Daily Pivot Point S3	0.6447
Daily Pivot Point R1	0.669
Daily Pivot Point R2	0.6762
Daily Pivot Point R3	0.6812

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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