AUD/USD Price Analysis: Drops towards 0.7300 even as sellers flirt with 20-DMA


  • AUD/USD remains pressured after the heaviest daily fall in a week.
  • MACD conditions, downside break of 50-DMA favor sellers.
  • Bulls need to refresh monthly top for fresh entry.

AUD/USD stays depressed around 0.7315 after declining the most in a week the previous day. Although 20-DMA challenges the pair sellers, a clear downside break of 50-DMA, backed by downbeat MACD signals, keeps bears hopeful.

However, the 20-DMA level of 0.7315 and the 0.7300 round figure challenge the pair’s short-term declines.

Also acting as the key support is 23.6% Fibonacci retracement of AUD/USD south-run from June 25 to August 20, near 0.7225, which holds the key to the pair’s slump towards the yearly low of 0.7105.

Meanwhile, corrective pullback needs to cross the 50-DMA level of 0.7355 before directing the pair buyers to the 61.8% Fibonacci retracement level of 0.7420.

Even so, the quote remains on the bear’s radar until it stays below the monthly high of 0.7478.

Overall, AUD/USD bears are in control but may take a breather around the short-term moving average support.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.7319
Today Daily Change -0.0050
Today Daily Change % -0.68%
Today daily open 0.7369
 
Trends
Daily SMA20 0.7309
Daily SMA50 0.7359
Daily SMA100 0.7525
Daily SMA200 0.7609
 
Levels
Previous Daily High 0.7377
Previous Daily Low 0.7336
Previous Weekly High 0.7469
Previous Weekly Low 0.7345
Previous Monthly High 0.7427
Previous Monthly Low 0.7106
Daily Fibonacci 38.2% 0.7361
Daily Fibonacci 61.8% 0.7351
Daily Pivot Point S1 0.7344
Daily Pivot Point S2 0.7319
Daily Pivot Point S3 0.7302
Daily Pivot Point R1 0.7385
Daily Pivot Point R2 0.7402
Daily Pivot Point R3 0.7427

 

 

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