AUD/USD Price Analysis: Bears again attack 0.6850 key support zone

AUD/USD takes offers to extend Friday’s pullback from one-week high.
Downbeat oscillators, U-turn from 100-DMA keep sellers hopeful.
78.6% Fibonacci retracement may test bears before highlighting the yearly low.

Anil Panchal FXStreet

AUD/USD remains on the back foot at 0.6861, extending Friday’s south-run while attacking a 2.5-month-old horizontal support area amid Monday’s Asian session. In doing so, the Aussie pair marks another attempt to conquer the key support zone, after failing the last week.

It’s worth noting that the oscillators like RSI (14) and the MACD appear more bearish during this time and can help the quote to conquer the aforementioned key support zone around 0.6855-50.

Following that, the 78.6% Fibonacci retracement level of July-August upside, near 0.6780, may act as an intermediate halt during the expected south-run targeting the yearly low surrounding 0.6680 marked in July.

On the contrary, the 50% Fibonacci retracement level near 0.6910 guards the quote’s immediate recovery ahead of the 100-DMA resistance close to 0.7020.

Should the quote crosses the 0.7020 hurdle, the early August high near 0.7050 may test the AUD/USD bulls before highlighting the monthly peak of 0.7136.

Overall, AUD/USD bears keep the reins but the quote’s further downside hinges on its ability to conquer the 0.6850 support.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.6864
Today Daily Change	-0.0048
Today Daily Change %	-0.69%
Today daily open	0.6912

Trends
Daily SMA20	0.697
Daily SMA50	0.6916
Daily SMA100	0.7028
Daily SMA200	0.7133

Levels
Previous Daily High	0.701
Previous Daily Low	0.6888
Previous Weekly High	0.701
Previous Weekly Low	0.6855
Previous Monthly High	0.7033
Previous Monthly Low	0.668
Daily Fibonacci 38.2%	0.6934
Daily Fibonacci 61.8%	0.6963
Daily Pivot Point S1	0.6863
Daily Pivot Point S2	0.6814
Daily Pivot Point S3	0.6741
Daily Pivot Point R1	0.6985
Daily Pivot Point R2	0.7059
Daily Pivot Point R3	0.7108

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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