AUD/USD Price Analysis: Bulls attack 20-DMA to refresh intraday top but stay cautious

AUD/USD takes the bids while extending Friday’s corrective pullback.
20-DMA guards immediate upside but 100-DMA becomes the key resistance.
Horizontal area from August appears a tough nut to crack for sellers.

Anil Panchal FXStreet

AUD/USD keeps the previous day’s recovery moves as it approaches 0.7200 threshold, up 0.11% intraday during early Monday.

The Aussie pair bounced off the 23.6% Fibonacci retracement of (Fibo.) October-December downside, around 0.7125 on Friday. However, the quote remains below stays below the 20-DMA level surrounding 0.7195, not to forget keeping the pullback from the 100-DMA. The inability to cross the key moving averages joins the receding bullish bias of the MACD and steady RSI to keep sellers hopeful.

That said, fresh downside will aim for the 23.6% Fibo. retest, around 0.7125, ahead of targeting a horizontal area from August 20 near 0.7110-05.

Additionally, the 0.7100 round figure may also test the pair bears, a break of which will direct AUD/USD sellers towards 0.7050 and then to the 0.7000 psychological magnet.

On the contrary, the 20-DMA level of 0.7195 guards the quote’s immediate upside before directing AUD/USD buyers towards the 50% Fibonacci retracement level of 0.7280.

However, the 100-DMA surrounding 0.7290 becomes a tough nut to crack for the pair bull, a break of which will not hesitate to challenge the mid-November peak of .7371.

AUD/USD: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.719
Today Daily Change	0.0008
Today Daily Change %	0.11%
Today daily open	0.7182

Trends
Daily SMA20	0.7195
Daily SMA50	0.7227
Daily SMA100	0.7288
Daily SMA200	0.7435

Levels
Previous Daily High	0.7189
Previous Daily Low	0.713
Previous Weekly High	0.7278
Previous Weekly Low	0.713
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.7166
Daily Fibonacci 61.8%	0.7152
Daily Pivot Point S1	0.7145
Daily Pivot Point S2	0.7107
Daily Pivot Point S3	0.7085
Daily Pivot Point R1	0.7204
Daily Pivot Point R2	0.7226
Daily Pivot Point R3	0.7264

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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