AUD/USD Price Analysis: Bounces off 61.8% golden ratio towards 0.6900

AUD/USD picks up bids to rebound from the key Fibonacci retracement support.
12-day-old resistance line, 200-SMA join bearish MACD signals to challenge recovery.
The mid-July swing high can acts as additional support during the south-run to yearly low.

Anil Panchal FXStreet

AUD/USD renews intraday high around 0.6880 during early Wednesday morning in Europe. In doing so, the Aussie pair rebounds from the 61.8% Fibonacci retracement level of the July-August upside.

Given the recovery moves from an important Fibonacci ratio, as well as the broad US dollar weakness, AUD/USD is likely to stretch the latest run-up towards the 50% Fibonacci retracement level near 0.6910.

However, a downward sloping resistance line from August 15, around 0.6930 at the latest, restricts short-term advances of the pair.

Following that, the 200-SMA level surrounding 0.6950 may act as the last defense of the AUD/USD bears.

Meanwhile, pullback moves may have to successfully break the 61.8% golden ratio around 0.6850 to convince sellers.

Even so, the mid-July swing high and the 78.6% Fibonacci retracement levels, respectively near 0.6800 and 0.6880, could test the AUD/USD sellers before directing them to the yearly low marked in July near 0.6680.

To sum up, AUD/USD is likley to remain firmer but the upside room appears limited.

AUD/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6878
Today Daily Change	0.0025
Today Daily Change %	0.36%
Today daily open	0.6853

Trends
Daily SMA20	0.6961
Daily SMA50	0.6913
Daily SMA100	0.7016
Daily SMA200	0.7129

Levels
Previous Daily High	0.6957
Previous Daily Low	0.6845
Previous Weekly High	0.701
Previous Weekly Low	0.6855
Previous Monthly High	0.7033
Previous Monthly Low	0.668
Daily Fibonacci 38.2%	0.6888
Daily Fibonacci 61.8%	0.6914
Daily Pivot Point S1	0.6813
Daily Pivot Point S2	0.6773
Daily Pivot Point S3	0.6701
Daily Pivot Point R1	0.6925
Daily Pivot Point R2	0.6997
Daily Pivot Point R3	0.7037

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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