AUD/USD Price Analysis: Corrective pullback jostles with 0.6960 hurdle

AUD/USD picks up bids to renew intraday high, consolidates recent losses after two-week downtrend.
Convergence of 100-HMA, two-day-old resistance line challenges immediate upside.
RSI hints at further recovery, 200-HMA holds the key to bull’s conviction.
Sellers can keep yearly low on radar, previous resistance line may offer intermediate bounces.

Anil Panchal FXStreet

AUD/USD renews intraday high around 0.6960 as it pares losses made during the last two weeks amid Monday’s Asian session.

In doing so, the Aussie pair justifies a trend line breakout on the RSI (14), as well as a bounce off the resistance-turned-support line from June 08.

However, a confluence of the 100-HMA and a downward sloping trend line resistance from Thursday, around 0.6960, appears a tough nut to crack for the AUD/USD bulls.

Following that, a run-up towards the 0.7000 psychological al magnet can’t be ruled out. However, the 200-HMA hurdle surrounding 0.7040 may challenge the pair buyers afterward.

On the contrary, the previous resistance line from early June, close to 0.6875 by the press time, precedes the monthly low of 0.6850 to restrict the short-term AUD/USD downside.

In a case where the quote drops below 0.6850, the multi-month low marked in May around 0.6830 appears the last defense for the pair buyers before flashing the 0.6800 threshold on the chart.

AUD/USD: Hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	0.695
Today Daily Change	0.0030
Today Daily Change %	0.43%
Today daily open	0.692

Trends
Daily SMA20	0.7107
Daily SMA50	0.7139
Daily SMA100	0.7221
Daily SMA200	0.7242

Levels
Previous Daily High	0.7054
Previous Daily Low	0.6896
Previous Weekly High	0.707
Previous Weekly Low	0.685
Previous Monthly High	0.7267
Previous Monthly Low	0.6828
Daily Fibonacci 38.2%	0.6957
Daily Fibonacci 61.8%	0.6994
Daily Pivot Point S1	0.6859
Daily Pivot Point S2	0.6799
Daily Pivot Point S3	0.6702
Daily Pivot Point R1	0.7017
Daily Pivot Point R2	0.7114
Daily Pivot Point R3	0.7174

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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