AUD/USD Price Analysis: Flirting with daily lows, around 0.6600 mark
- AUD/USD struggled to extend the recent recovery amid weaker risk sentiment.
- Bulls are likely to wait for a sustained move above YTD descending trend-line.
The AUD/USD pair failed to capitalize on its recent recovery move from 11-year lows and witnessed a modest pullback from closer to near two-week tops set on Tuesday.
A fresh wave of the global risk-aversion trade weighed on the perceived riskier currency aussie and led to the downtick through the mid-European session on Thursday.
The fact that technical indicators on the daily chart are yet to catch up with this week's positive move, the pair struggled to make it through a year-to-date descending trend-line.
The mentioned resistance is closely followed by 38.2% Fibonacci level of the 0.7041-0.6434 downfall, which if cleared, might be seen as a fresh trigger for bullish traders.
The pair then might accelerate the positive move towards reclaiming the 0.6700 mark before eventually darting towards 50% Fibo. level, around the 0.6745-50 region.
On the flip side, any subsequent slide below the 0.6600 mark is likely to attract some dip-buying and help limit losses near 23.6% Fibo. level, around the 0.6580-75 area.
AUD/USD daily chart
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Technical levels to watch
Author
Haresh Menghani
FXStreet
Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.
