AUD/USD Price Analysis: Further downside hinges on 100-DMA break

AUD/USD takes offers to refresh intraday low, reverses week-start recovery.
Support break joins bearish MACD signals, downbeat RSI to keep sellers hopeful.
Daily closing below 100-DMA appears necessary to defend sellers.

Anil Panchal FXStreet

AUD/USD remains on the back foot as it renews its intraday low near 0.6665, reversing the early-week rebound, as bears return to the table on Tuesday.

In doing so, the Aussie pair cheers the previous week’s downside break of a one-week-old ascending trend line, now resistance around 0.6725. The downside bias also takes clues from the bearish MACD signals and the steady RSI.

That said, the 100-DMA level surrounding 0.6660 challenges the AUD/USD bears by the press time, a break of which could quickly direct it to the November lows near 0.6580.

Should the AUD/USD bears keep the reins past 0.6580, October’s top near 0.6550 will be in focus.

On the flip side, a daily closing beyond the previous support line near 0.6725 becomes necessary for the AUD/USD buyers to retake control.

Even so, a downward-sloping resistance line from early June, close to 0.6870 by the press time, appears a tough nut to crack for the bulls.

It should be observed that the monthly high near 0.6895 and the 0.6900 round figure can act as extra upside filters before directing AUD/USD towards August month’s high near 0.7135.

AUD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6677
Today Daily Change	-0.0019
Today Daily Change %	-0.28%
Today daily open	0.6696

Trends
Daily SMA20	0.6743
Daily SMA50	0.6566
Daily SMA100	0.6667
Daily SMA200	0.6894

Levels
Previous Daily High	0.6733
Previous Daily Low	0.6683
Previous Weekly High	0.6893
Previous Weekly Low	0.6675
Previous Monthly High	0.6801
Previous Monthly Low	0.6272
Daily Fibonacci 38.2%	0.6714
Daily Fibonacci 61.8%	0.6702
Daily Pivot Point S1	0.6675
Daily Pivot Point S2	0.6654
Daily Pivot Point S3	0.6625
Daily Pivot Point R1	0.6725
Daily Pivot Point R2	0.6753
Daily Pivot Point R3	0.6774

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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