AUD/USD Price Analysis: Bulls trying hard to defend 0.7000 confluence support

AUD/USD drifts into the negative territory for the sixth consecutive session on Friday.
The set-up supports prospects for an eventual break below the 0.7000 confluence zone.
Oversold RSI (14) warrants some caution for before placing aggressive bearish bets.

Haresh Menghani FXStreet

The AUD/USD pair failed to capitalize on its early uptick, instead met with some fresh supply near the 50% Fibonacci level of the 0.6776-0.7414 positive move. The pair turned lower for the sixth consecutive session on Friday and dropped to over one-month lows during the early North American session.

Bears might now be eyeing a sustained break below the 0.7000 psychological mark. The mentioned level marks an important confluence support comprising of 100-day SMA and the 61.8% Fibonacci level of the 0.6776-0.7414 positive move. A convincing breakthrough will be seen as a fresh trigger for bearish traders.

Meanwhile, RSI (14) on the daily chart has already slipped below the 30 mark, flashing oversold conditions. This, in turn, warrants some caution for aggressive traders and makes it prudent to wait for some near-term consolidation or a modest rebound before placing positioning for any further depreciating move.

On the flip side, attempted recovery might continue to face stiff resistance near the 0.7080 region. Any further move up might still be seen as a selling opportunity and remained capped near the 0.7100 round-figure mark.

AUD/USD daily chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.7011
Today Daily Change	-0.0035
Today Daily Change %	-0.50
Today daily open	0.7046

Trends
Daily SMA20	0.7267
Daily SMA50	0.7203
Daily SMA100	0.7002
Daily SMA200	0.6773

Levels
Previous Daily High	0.7086
Previous Daily Low	0.7016
Previous Weekly High	0.7346
Previous Weekly Low	0.7254
Previous Monthly High	0.7416
Previous Monthly Low	0.7076
Daily Fibonacci 38.2%	0.7042
Daily Fibonacci 61.8%	0.7059
Daily Pivot Point S1	0.7012
Daily Pivot Point S2	0.6979
Daily Pivot Point S3	0.6942
Daily Pivot Point R1	0.7083
Daily Pivot Point R2	0.712
Daily Pivot Point R3	0.7154

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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