• AUD/USD takes the offers to renew daily low, extends pullback from two-week top.
  • 100-HMA, short-term bullish channel’s support lures bears amid downbeat RSI.
  • 200-HMA adds to the downside filters, 61.8% Fibonacci retracement to test recovery moves.

AUD/USD remains on the back foot around the daily low near 0.7080 as it consolidates the previous week’s gains around a fortnight top. Even so, the Aussie pair remains inside a bullish chart formation during Tuesday’s Asian session.

The Aussie pair’s latest weakness could be linked to the inability to stay beyond the 61.8% Fibonacci retracement (Fibo.) of May 05-12 downside, as well as RSI pullback from the overbought territory.

As the RSI and the aforementioned channel both have some downside room before hitting the reversal point, AUD/USD is likely to extend the latest losses.

That said, the lower line of the stated channel and the 100-HMA, around 0.7040, appear a tough nut to crack for the pair sellers.

Also acting as a downside filter is the 0.7000 threshold and the 200-HMA level of 0.6985.

On the flip side, a clear break of the 61.8% Fibo. level, near 0.7100, will recall AUD/USD buyers.

Following that, the latest swing high and the channel’s upper, respectively around 0.7130 and 0.7160, can entertain the bulls before challenging them with the 78.6% Fibonacci retracement level near 0.7170.

AUD/USD: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.7082
Today Daily Change -0.0026
Today Daily Change % -0.37%
Today daily open 0.7108
 
Trends
Daily SMA20 0.7039
Daily SMA50 0.7273
Daily SMA100 0.7235
Daily SMA200 0.7261
 
Levels
Previous Daily High 0.7127
Previous Daily Low 0.7044
Previous Weekly High 0.7074
Previous Weekly Low 0.6872
Previous Monthly High 0.7662
Previous Monthly Low 0.7054
Daily Fibonacci 38.2% 0.7096
Daily Fibonacci 61.8% 0.7076
Daily Pivot Point S1 0.7059
Daily Pivot Point S2 0.701
Daily Pivot Point S3 0.6976
Daily Pivot Point R1 0.7143
Daily Pivot Point R2 0.7177
Daily Pivot Point R3 0.7226

 

 

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