AUD/USD Price Analysis: Ascending channel breakdown defends sellers above 0.7700

AUD/USD struggles to keep bounce off 50-HMA amid bearish MACD.
Two-day-old rising channel break also favors sellers, descending trend line from recent tops add to upside filters.

Anil Panchal FXStreet

AUD/USD trims intraday losses while picking up bids to 0.7735, down 0.25% on a day, amid the early Friday.

The pair recently dropped below an upward sloping trend channel formation from Wednesday. However, 50-HMA triggered the latest corrective pullback.

Even so, the bearish MACD signals and the pair’s sustained breakdown of the stated bullish chart pattern backs AUD/USD sellers eyeing a downside break of 50-HMA level of 0.7724 to revisit the 0.7700 threshold.

It should be noted that the pair’s sustained weakness below the 0.7700 round-figure may not hesitate to challenge the 200-HMA level near 0.7650.

Alternatively, corrective pullback beyond the stated channel’s support line, at 0.7745 now, will have to cross a descending resistance line from the previous day, around 0.7755.

Though, the channel’s upper line near 0.7785 and March’s top near 0.7850 will be the tough nuts to crack for AUD/USD buyers beyond 0.7755.

AUD/USD hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7734
Today Daily Change	-18 pips
Today Daily Change %	-0.23%
Today daily open	0.7752

Trends
Daily SMA20	0.7645
Daily SMA50	0.7721
Daily SMA100	0.7668
Daily SMA200	0.7425

Levels
Previous Daily High	0.7762
Previous Daily Low	0.7705
Previous Weekly High	0.7678
Previous Weekly Low	0.7588
Previous Monthly High	0.785
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.774
Daily Fibonacci 61.8%	0.7727
Daily Pivot Point S1	0.7718
Daily Pivot Point S2	0.7683
Daily Pivot Point S3	0.7661
Daily Pivot Point R1	0.7775
Daily Pivot Point R2	0.7797
Daily Pivot Point R3	0.7832

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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