AUD/USD Price Analysis: Bulls retreat from 0.6825-20 hurdle

AUD/USD pares intraday losses at the highest levels in 12 days.
Sluggish RSI, MACD signals also favor pullback moves targeting previous resistance from mid-December.
200-SMA adds to the downside filters, bulls need validation from previous monthly high to keep the reins.

Anil Panchal FXStreet

AUD/USD retreats from the short-term key resistance during Monday’s Asian session as bulls take a breather after a three-day uptrend. In doing so, the Aussie pair steps back from a three-week-old horizontal resistance amid nearly overbought RSI and sluggish MACD signals.

It’s worth noting, however, that the previous week’s successful upside break of a descending trend line from November 13, close to 0.6780 by the press time, keeps the AUD/USD buyers hopeful.

Even if the quote breaks the 0.6780 support, the 200-HMA level surrounding 0.6725 acts as the last defense of the AUD/USD buyers before giving control to the Aussie pair sellers.

In that case, the Aussie pair bears could quickly aim for the previous monthly low near 0.6690.

On the contrary, a successful upside break of the three-week-old horizontal resistance area surrounding 0.6820-25 could propel the pair towards the previous monthly high surrounding 0.6895.

Following that, the pair’s successful trading beyond the 0.6900 round figure, as well as September’s high near 0.6920, becomes necessary for the AUD/USD bulls to aim for an August 2022 high of around 0.7135.

Overall, AUD/USD remains on the buyer’s radar but the upside room appears limited.

AUD/USD: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6814
Today Daily Change	0.0006
Today Daily Change %	0.09%
Today daily open	0.6808

Trends
Daily SMA20	0.6738
Daily SMA50	0.6645
Daily SMA100	0.6642
Daily SMA200	0.6863

Levels
Previous Daily High	0.6821
Previous Daily Low	0.6753
Previous Weekly High	0.6821
Previous Weekly Low	0.671
Previous Monthly High	0.6893
Previous Monthly Low	0.6629
Daily Fibonacci 38.2%	0.6795
Daily Fibonacci 61.8%	0.6779
Daily Pivot Point S1	0.6767
Daily Pivot Point S2	0.6726
Daily Pivot Point S3	0.6698
Daily Pivot Point R1	0.6835
Daily Pivot Point R2	0.6863
Daily Pivot Point R3	0.6904

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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