AUD/USD Price Analysis: Bears seek validation from 0.6430 support

AUD/USD holds lower ground near intraday bottom, keeps latest pullback from three-week high.
Bearish MACD signals, clear U-turn from the key resistance lines keep sellers hopeful.
100-SMA could probe bears on the way to yearly low.

Anil Panchal FXStreet

AUD/USD sellers poke the weekly support line near the intraday low surrounding 0.6430. In doing so, the Aussie pair prints the second consecutive intraday loss during early Friday morning in Europe.

Given the bearish MACD signals, as well as the pair’s sustained pullback from the six-week-old and three-week-long resistance lines near 0.6500, the AUD/USD prices are likely to break the immediate support line near 0.6430.

Following that, the 100-SMA support level near the 0.6330 and the 0.6300 round figure may test the AUD/USD bears before directing them to the yearly low surrounding 0.6170.

Alternatively, a confluence of the aforementioned resistance lines around 0.6500 appears a tough nut to crack for the AUD/USD buyers, a break of which could quickly propel the prices towards the monthly high near 0.6550.

In a case where AUD/USD buyers keep the reins past 0.6550, the mid-September highs near 0.6770 could gain the market’s attention ahead of the previous monthly peak of 0.6915. If the quote remains firmer past 0.6915, the 0.7000 psychological magnet will be crucial to track.

Overall, AUD/USD remains on the bear’s radar even as a short-term rebound can’t be ruled out.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6436
Today Daily Change	-0.0017
Today Daily Change %	-0.26%
Today daily open	0.6453

Trends
Daily SMA20	0.6361
Daily SMA50	0.6594
Daily SMA100	0.6759
Daily SMA200	0.6994

Levels
Previous Daily High	0.6522
Previous Daily Low	0.6426
Previous Weekly High	0.6393
Previous Weekly Low	0.6197
Previous Monthly High	0.6916
Previous Monthly Low	0.6363
Daily Fibonacci 38.2%	0.6463
Daily Fibonacci 61.8%	0.6485
Daily Pivot Point S1	0.6412
Daily Pivot Point S2	0.6371
Daily Pivot Point S3	0.6315
Daily Pivot Point R1	0.6508
Daily Pivot Point R2	0.6563
Daily Pivot Point R3	0.6604

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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