AUD/USD Price Analysis: Bears march towards weekly support near 0.6875

AUD/USD remains depressed around intraday low, extending the previous week’s pullback towards monthly low.
One-week-old trend line may offer intermediate support but the 0.6855 level is crucial for bears to watch.
Convergence of 50-SMA, two-week-old resistance line challenge buyers.

Anil Panchal FXStreet

AUD/USD holds lower ground near 0.6890 heading into Thursday’s European session. In doing so, the Aussie pair stretches the previous day’s losses towards the one-week-old support line amid bearish MACD signals.

It’s worth noting, however, that an upward sloping trend line from May 12, near 0.6855, appears a tough nut to crack for the AUD/USD sellers.

Should the quote drop below 0.6855, the yearly low marked in May, around 0.6830, will quickly return to the charts.

Following that, the 61.8% Fibonacci Expansion (FE) level of June 03-16 moves, near the 0.6800 round figure, will challenge the AUD/USD bears.

Meanwhile, the 50-SMA and a fortnight-long resistance line together restrict the Aussie pair’s short-term recovery around 0.6950-55.

In a case where AUD/USD rises past 0.6955, the odds of witnessing an upswing towards the mid-month peak surrounding 0.7070 can’t be ruled out. During the run-up, the 0.7000 threshold may offer an intermediate halt to the bulls.

Overall, AUD/USD bears attack short-term key supports but a lack of downside room might challenge the pair’s further declines.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.689
Today Daily Change	-0.0037
Today Daily Change %	-0.53%
Today daily open	0.6927

Trends
Daily SMA20	0.7084
Daily SMA50	0.7109
Daily SMA100	0.7216
Daily SMA200	0.7236

Levels
Previous Daily High	0.6975
Previous Daily Low	0.6881
Previous Weekly High	0.707
Previous Weekly Low	0.685
Previous Monthly High	0.7267
Previous Monthly Low	0.6828
Daily Fibonacci 38.2%	0.6917
Daily Fibonacci 61.8%	0.6939
Daily Pivot Point S1	0.688
Daily Pivot Point S2	0.6833
Daily Pivot Point S3	0.6785
Daily Pivot Point R1	0.6974
Daily Pivot Point R2	0.7022
Daily Pivot Point R3	0.7069

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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