AUD/USD Price Analysis: Aussie bears approach 0.6740 as US Dollar grinds higher

AUD/USD takes offers to refresh intraday low, prints four-day downtrend to renew weekly bottom.
Clear downside break of one-month-old horizontal support, bearish MACD signals favor Aussie bears.
Multiple levels marked since early June prod AUD/USD sellers ahead of 200-SMA.
Recovery remains elusive below 0.6840, double tops near 0.6900 are the key hurdle toward the north.

Anil Panchal FXStreet

AUD/USD slides to 0.6780 as it refreshes its weekly low during the four-day losing streak very early Wednesday morning in Europe. In doing so, the Aussie pair justifies the broad US Dollar strength, while ignoring upbeat prints of Australia’s Westpac Leading Index for June.

Also read: S&P500 Futures flirt with yearly top, Treasury bond yields drift lower as US banks, Fed chatters prod traders

That said, the risk-barometer pair’s downside break of a one-month-old horizontal support zone, now immediate resistance around 0.6800-05, joins the bearish MACD signals to lure the AUD/USD sellers.

With this, the major currency pair is all set to revisit a horizontal area comprising multiple levels marked since early June around 0.6740.

However, the 200-SMA level of near 0.6730 and a seven-week-old ascending support line, around 0.6665, appear tough nuts to crack for the AUD/USD bears afterward.

Meanwhile, the Aussie pair’s recovery beyond 0.6805 remains unimpressive unless it crosses the weekly top surrounding 0.6840.

Even so, the double top bearish chart formation around the 0.6900 round figure appears the key challenge for the AUD/USD bulls to tackle to restore the market confidence.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6785
Today Daily Change	-0.0026
Today Daily Change %	-0.38%
Today daily open	0.6811

Trends
Daily SMA20	0.6716
Daily SMA50	0.6688
Daily SMA100	0.6687
Daily SMA200	0.6711

Levels
Previous Daily High	0.6837
Previous Daily Low	0.6789
Previous Weekly High	0.6895
Previous Weekly Low	0.6624
Previous Monthly High	0.69
Previous Monthly Low	0.6484
Daily Fibonacci 38.2%	0.6808
Daily Fibonacci 61.8%	0.6819
Daily Pivot Point S1	0.6788
Daily Pivot Point S2	0.6765
Daily Pivot Point S3	0.674
Daily Pivot Point R1	0.6836
Daily Pivot Point R2	0.6861
Daily Pivot Point R3	0.6884

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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