AUD/USD Price Analysis: Drops back to seven-week-old support below 0.7200

AUD/USD extends pullback from 100-DMA to retest the key support line.
Sluggish MACD, steady RSI add to the bearish bias.
Bulls have a bumpy road until staying below 200-DMA.

Anil Panchal FXStreet

AUD/USD takes offers around 0.7190, down 0.50% intraday during early Friday.

That said, the Aussie pair took a U-turn from the 100-DMA the previous day while the latest declines attack an upward sloping support line from December 03, near 0.7185 at the latest.

Given the sluggish MACD signals and steady RSI, not to forget failures to cross the key moving average, AUD/USD prices are likely to break the 0.7185 support line.

As a result, the pair is en route 0.7130 and 0.7080 short-term support levels before directing the AUD/USD sellers towards the year 2021 bottom surrounding 0.6990.

On the contrary, 100-DMA level surrounding 0.7280 and the previous support line from August near 0.7350 challenges AUD/USD buyers.

Even if the quote rises past 0.7350, a descending trend line from May 2021 and the 200-DMA, respectively near 0.7400 and 0.7415 will challenge AUD/USD bulls.

To sum up, AUD/USD is ready for further declines while there’s a long and bumpy road for the bulls before retaking control.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7185
Today Daily Change	-0.0037
Today Daily Change %	-0.51%
Today daily open	0.7222

Trends
Daily SMA20	0.7223
Daily SMA50	0.7195
Daily SMA100	0.7281
Daily SMA200	0.7415

Levels
Previous Daily High	0.7277
Previous Daily Low	0.7207
Previous Weekly High	0.7315
Previous Weekly Low	0.7148
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.725
Daily Fibonacci 61.8%	0.7234
Daily Pivot Point S1	0.7193
Daily Pivot Point S2	0.7165
Daily Pivot Point S3	0.7123
Daily Pivot Point R1	0.7263
Daily Pivot Point R2	0.7305
Daily Pivot Point R3	0.7333

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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