AUD/USD Price Analysis: Death cross on 4H chart points to more losses

AUD/USD extends sell-off after rejection above 0.7700.
DXY rebounds, as Treasury yields stabilize while China CPI beats estimates.
The 4H chart shows death cross, RSI remains bearish.

Dhwani Mehta FXStreet

AUD/USD drops towards 0.7650, as the bulls failed to resist above the 0.7700 level earlier in the Asian session.

The downside in the aussie could be attributed to the impressive bounce staged by the US dollar across its major peers, as the Treasury yields look to stabilize following a steep correction from 13-month tops a day before.

The price action around the yields and US dollar continues to remain the main market driver, as markets look forward to the US CPI, bond auction and stimulus announcements. The aussie bulls ignored the upbeat Chinese inflation figures amid risk-off market mood.

Looking at the spot technically, the bears look to extend their control amid a death cross confirmed on the four-hour chart after the 50-simple moving average (SMA) pierced through the horizontal 200-SMA from above.

The relative strength index (RSI) trends below the midline, allowing room for more declines. Therefore, a drop towards the horizontal trendline support at 0.7620 is likely on the cards, below which the 0.7600 level could be put to test.

On the flip side, the bearish 21-SMA at 0.7684 offers immediate resistance to the major.

All in all, the path of least resistance appears to the downside.

AUD/USD: Four-hour chart

AUD/USD: Additional levels

AUD/USD

Overview
Today last price	0.7671
Today Daily Change	-0.0046
Today Daily Change %	-0.60
Today daily open	0.7718

Trends
Daily SMA20	0.7784
Daily SMA50	0.7737
Daily SMA100	0.7544
Daily SMA200	0.7323

Levels
Previous Daily High	0.7726
Previous Daily Low	0.762
Previous Weekly High	0.7838
Previous Weekly Low	0.7622
Previous Monthly High	0.8008
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7686
Daily Fibonacci 61.8%	0.7661
Daily Pivot Point S1	0.765
Daily Pivot Point S2	0.7583
Daily Pivot Point S3	0.7545
Daily Pivot Point R1	0.7756
Daily Pivot Point R2	0.7794
Daily Pivot Point R3	0.7861

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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