AUD/USD Price Analysis: Breaks six-week-old support below 0.7650, eyes further losses


  • AUD/USD drops to the fresh low of the month after breaking 0.7640 horizontal support.
  • Bearish MACD, sustained trading below 21-day EMA suggests further weakness.
  • 50-day EMA lures short-term sellers, monthly resistance line adds to the upside barriers.

AUD/USD takes offers near 0.7628, down 0.42% intraday, after breaking the key support during early Thursday. The quote recently defied a horizontal line comprising December 17 top and January 04 low while extending the previous day’s downside break of 21-day EMA.

Not only the extension of weakness below the key EMA and horizontal support but bearish MACD also favors AUD/USD sellers.

As a result, further declines target 50-day EMA level of 0.7588 with the 0.7600 round-figure acting as immediate support.

In a case where the AUD/USD bears dominate past-0.7588, 38.2% Fibonacci retracement of November 2020 to January 2021 upside, near the 0.7500 round-figure will gain the market’s attention.

On the contrary, the pair’s upside break of 0.7640 needs to clear a 21-day EMA level of 0.7690 to convince the short-term buyers.

Following that, the downward sloping trend line from January 06, currently around 0.7765, can lure the AUD/USD buyers ahead of directing them to the monthly high near 0.7820.

AUD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.7624
Today Daily Change -36 pips
Today Daily Change % -0.47%
Today daily open 0.766
 
Trends
Daily SMA20 0.7731
Daily SMA50 0.7579
Daily SMA100 0.7378
Daily SMA200 0.7147
 
Levels
Previous Daily High 0.7764
Previous Daily Low 0.7644
Previous Weekly High 0.7783
Previous Weekly Low 0.7658
Previous Monthly High 0.7743
Previous Monthly Low 0.7338
Daily Fibonacci 38.2% 0.7689
Daily Fibonacci 61.8% 0.7718
Daily Pivot Point S1 0.7614
Daily Pivot Point S2 0.7569
Daily Pivot Point S3 0.7494
Daily Pivot Point R1 0.7735
Daily Pivot Point R2 0.7809
Daily Pivot Point R3 0.7855

 

 

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