AUD/USD Price Analysis: Bearish-biased as sellers reclaimed the 100/50/20-DMAs, eyeing 0.6700

AUD/USD plunged more than 0.50% on Friday amidst a buoyant greenback.
The major slid in each day of the week; losing between Monday-Wednesday almost 3%.
A break below 0.6869 clears the path towards 0.6800, followed by 0.6718.

Christian Borjon Valencia FXStreet

The AUD/USD refreshed four-week lows preparing to finish the week with hefty losses, equal to 3.50%. The Aussie tumbled in each day of the week, breaching dynamic resistances, like the 20 and 50-day EMA, on its way down. At the time of writing, the AUD/USD is trading at 0.6874, down 0.57%.

AUD/USD Price Analysis: Technical outlook

The AUD/USD shifted from neutral-upwards to downward-biased throughout the week. Worth noting that the major began the week above the 20, 50, and 100-DMAs. However, it tumbled courtesy of buyers unable to crack the 200-day EMA around 0.7130s despite the market’s “dovish” FOMC minutes reaction, which set the Aussie’s faith.

On Monday, the major plummeted below the 100-day EMA; by Wednesday, the AUD/USD was already 200-pips (2.99%) down in the week. Furthermore, as the downtrend gathered momentum, the Relative Strength Index (RSI) plunged from readings nearby 55 to 46, meaning sellers were in charge.

Therefore, the AUD/USD first support will be August low at 0.6869. Once cleared, the next demand zone will be the July 19 daily low at 0.6802, followed by the July 15 low at 0.6718.

AUD/USD Daily chart

AUD/USD Key Technical Levels

AUD/USD

Overview
Today last price	0.6874
Today Daily Change	-0.0049
Today Daily Change %	-0.71
Today daily open	0.6918

Trends
Daily SMA20	0.6985
Daily SMA50	0.6923
Daily SMA100	0.7063
Daily SMA200	0.7144

Levels
Previous Daily High	0.7021
Previous Daily Low	0.6892
Previous Weekly High	0.7137
Previous Weekly Low	0.6898
Previous Monthly High	0.7033
Previous Monthly Low	0.668
Daily Fibonacci 38.2%	0.6941
Daily Fibonacci 61.8%	0.6972
Daily Pivot Point S1	0.6866
Daily Pivot Point S2	0.6814
Daily Pivot Point S3	0.6737
Daily Pivot Point R1	0.6996
Daily Pivot Point R2	0.7073
Daily Pivot Point R3	0.7125

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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