AUD/USD Price Analysis: Corrective bounce remains elusive below 0.6700

AUD/USD picks up bids to recover from fortnight-old horizontal support to snap two-day downtrend.
Short-term resistance line, 200-HMA prod immediate upside even as RSI rebound, bullish MACD signal favor intraday Aussie buyers.
One-week-long horizontal region act as the last defense of Aussie pair sellers.

Anil Panchal FXStreet

AUD/USD refreshes intraday high near 0.6665 as it bounces off short-term key support to print the first daily gains in three amid early Monday. In doing so, the Aussie pair also justifies the RSI (14) line’s rebound from the oversold territory.

It’s worth noting, that the bullish MACD signals also favor the AUD/USD pair’s U-turn from a two-week-old horizontal support zone surrounding 0.6640.

However, the 61.8% Fibonacci retracement level of the pair’s run-up from April 28 to May 10, close to 0.6670, precedes a downward-sloping resistance line from May 10, near 0.6680 at the latest, to restrict short-term AUD/USD rebound.

Even if the AUD/USD pair rises past 0.6680, the 200-HMA and a horizontal area comprising multiple levels marked since May 05, close to 0.6750, can challenge the buyers before giving them control.

Alternatively, a downside break of the aforementioned horizontal support near 0.6640 won’t hesitate to challenge the late April swing low of around 0.6575.

Following that, the yearly low marked in March around 0.6565 may act as an extra filter towards the south.

Overall, the AUD/USD pair is likely to keep the latest recovery but the upside room appears limited.

AUD/USD: Hourly chart

Trend: Limited recovery expected

additional important levels

Overview
Today last price	0.6661
Today Daily Change	0.0017
Today Daily Change %	0.26
Today daily open	0.6644

Trends
Daily SMA20	0.6691
Daily SMA50	0.6683
Daily SMA100	0.679
Daily SMA200	0.6724

Levels
Previous Daily High	0.6706
Previous Daily Low	0.6636
Previous Weekly High	0.6818
Previous Weekly Low	0.6636
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6663
Daily Fibonacci 61.8%	0.668
Daily Pivot Point S1	0.6618
Daily Pivot Point S2	0.6592
Daily Pivot Point S3	0.6548
Daily Pivot Point R1	0.6688
Daily Pivot Point R2	0.6732
Daily Pivot Point R3	0.6758

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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