- 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
|Today last price||0.7082|
|Today Daily Change||-0.0026|
|Today Daily Change %||-0.37%|
|Today daily open||0.7108|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.