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.

USD/JPY eyes August swing low, near 155.20 ahead of US NFP

USD/JPY retests the August monthly swing low during the Asian session on Friday as a more hawkish repricing of BoJ rate-hike bets and a suspected intervention continue to underpin the Japanese Yen. Meanwhile, the US Dollar is seen consolidating the previous day's heavy losses amid soft US bond yields, further weighing on the currency pair as traders keenly await the US NFP report.

AUD/USD consolidates above 0.7200; US NFP awaited

AUD/USD holds steady above 0.7200, near its highest level since mid-May, as bulls await the US NFP report for more cues on the Fed's policy path before placing fresh bets. Meanwhile, the recent decline in US bond yields keeps the US Dollar depressed near its lowest level in over a week and acts as a tailwind for the Aussie amid the RBA's hawkish tilt.

Gold tumbles as blockbuster US NFP lift US Dollar, Treasury yields

Gold (XAU/USD) falls sharply on Friday, snapping a two-day recovery after the US Nonfarm Payrolls (NFP) report surprised strongly to the upside. The metal briefly climbed above $4,500 on Thursday, gaining nearly 2%, but has since erased a large part of that advance.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast, adopting one of Wall Street’s oldest tools to bolster valuations and distribute revenue. The headline becomes less impressive once the number is opened up.

Why hawkish Bank of Japan expectations aren't enough to sustain the Japanese Yen rally

The Japanese Yen (JPY) experienced a sudden burst higher after falling back below the 160.00 psychological mark against the US Dollar (USD) earlier this week amid a more hawkish repricing of Bank of Japan (BoJ) rate hike expectations.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.