AUD/USD Price Analysis: Bears likely to target sub-0.6500 levels, descending channel support


  • AUD/USD remains depressed near multi-year lows set on Friday.
  • Descending channel points to a well-established bearish trend.
  • Oversold RSI helped limit the downside, only for the time being.

The AUD/USD pair struggled to capitalize on its attempted intraday recovery move and remained depressed near multi-year lows, around the 0.6525 region through the early European session.

The fact that the pair has been trending lower along a descending trend-channel since the beginning of 2020, points to a well-established bearish trend and support prospects for a further slide.

However, with daily RSI flashing oversold conditions, investors seemed reluctant to place any fresh bearish bets, which seemed to be the only factor helping limit the downside, at least for now.

Meanwhile, the pair's inability to register any meaningful recovery suggests that the near-term bearish pressure might still be far from over and warrant some caution for traders expecting any bounce.

The pair still seems vulnerable to head towards challenging the lower end of the mentioned trend-channel, which currently stands just below the key 0.6500 psychological mark.

AUD/USD daily chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.6526
Today Daily Change -0.0054
Today Daily Change % -0.82
Today daily open 0.658
 
Trends
Daily SMA20 0.6675
Daily SMA50 0.6804
Daily SMA100 0.682
Daily SMA200 0.6843
 
Levels
Previous Daily High 0.6592
Previous Daily Low 0.6542
Previous Weekly High 0.6734
Previous Weekly Low 0.6585
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.6573
Daily Fibonacci 61.8% 0.6561
Daily Pivot Point S1 0.655
Daily Pivot Point S2 0.6521
Daily Pivot Point S3 0.65
Daily Pivot Point R1 0.6601
Daily Pivot Point R2 0.6622
Daily Pivot Point R3 0.6651

 

 

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