AUD/USD Price Analysis: Aussie refreshes two-month low

AUD/USD slips to a fresh multi-month low of 0.7052.
The Australian currently has depreciated by over 4% this week.
The daily chart shows bearish sentiment is quite strong.

Omkar Godbole FXStreet Contributor

FX desks continue to offer Australian dollars, pushing AUD/USD to fresh multi-month lows.

AUD/USD is now trading at 0.7052, the lowest level since July 21. The previous two-month low of 0.7068 was set on Wednesday.

According to Wednesday's big red marubozu candle, the bearish sentiment is quite strong. Marubozu occurs when sellers lead the price action from UTC open to close.

The pair has also breached the horizontal support of 0.7076 – the low of the Doji candle created on Aug. 3.

As such, AUD/USD looks set to test the 100-day simple moving average (SMA), currently located at 0.70.

However, readers should note that the hourly and 4-hour chart relative strength indexes are currently reporting oversold conditions with a below-30 print. Hence, a minor bounce of consolidation may be seen before a drop to the 100-day SMA.

A close above the descending 10-day SMA, currently at 0.7229, is needed to invalidate the bearish outlook.

Daily chart

Trend: Bearish

Technical levels

AUD/USD

Overview
Today last price	0.7052
Today Daily Change	-0.0023
Today Daily Change %	-0.32
Today daily open	0.7077

Trends
Daily SMA20	0.7278
Daily SMA50	0.7201
Daily SMA100	0.6996
Daily SMA200	0.6772

Levels
Previous Daily High	0.7178
Previous Daily Low	0.7068
Previous Weekly High	0.7346
Previous Weekly Low	0.7254
Previous Monthly High	0.7416
Previous Monthly Low	0.7076
Daily Fibonacci 38.2%	0.711
Daily Fibonacci 61.8%	0.7136
Daily Pivot Point S1	0.7037
Daily Pivot Point S2	0.6997
Daily Pivot Point S3	0.6926
Daily Pivot Point R1	0.7148
Daily Pivot Point R2	0.7218
Daily Pivot Point R3	0.7258

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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