AUD/USD Price Analysis: Heavy below 0.6400 on confirming short-term rising wedge amid Yuan’s drop

  • AUD/USD declines to seven-day low after confirming a short-term bearish technical pattern.
  • China’s offshore Yuan drops to the six-week low against the US dollar.
  • 21-day SMA acts as the immediate support ahead of 61.8% Fibonacci retracement.

AUD/USD extends the early-Asian session south-run while flashing 0.65% loss to 0.6375 amid the early Monday’s trading.

The pair recently confirmed a short-term bearish formation that signals the quote’s slump towards the sub-0.5800 area with 21-day and 50-day SMA, respectively around 0.6355 and 0.6290, acting as immediate supports.

Should Aussie prices decline further below 0.6290, March-end tops surrounding 0.6215 and April month low near 0.5980/75 can entertain sellers.

Meanwhile, an upside clearance of the support-turned-resistance, at 0.6440 now, will have to cross 0.6500 mark ahead of challenging the previous month top near 0.6570.

It’s worth mentioning that the offshore Chinese Yaun (CNH) has a heavy influence over the Australian dollar (AUD). As a result, the USD/CNH surge to the six-week top near 7.15 can be termed as the catalyst for the Aussie pair’s latest drop.

Read: S&P 500 Futures drop 1.5% as US-China tension flares up risk aversion

AUD/USD daily chart

Trend: Further downside likely

Additional important levels

Today last price 0.6418
Today Daily Change 0.0000
Today Daily Change % 0.00
Today daily open 0.6418
Daily SMA20 0.6357
Daily SMA50 0.6297
Daily SMA100 0.6562
Daily SMA200 0.6684
Previous Daily High 0.6513
Previous Daily Low 0.6409
Previous Weekly High 0.657
Previous Weekly Low 0.6382
Previous Monthly High 0.657
Previous Monthly Low 0.598
Daily Fibonacci 38.2% 0.6449
Daily Fibonacci 61.8% 0.6473
Daily Pivot Point S1 0.6381
Daily Pivot Point S2 0.6343
Daily Pivot Point S3 0.6277
Daily Pivot Point R1 0.6484
Daily Pivot Point R2 0.655
Daily Pivot Point R3 0.6588



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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD hits fresh two-month highs amid dollar weakness

EUR/USD has hit new two-month highs above 1.1940 as the dollar resumes its decline. Optimism about the US transition and covid vaccines is weighing on the safe-haven dollar. 


GBP/USD falls toward 1.33 amid Brexit acrimony

GBP/USD is falling toward 1.33 as both the EU and the UK are busy blaming each other for an impasse in Brexit talks. The thorny issues remain fisheries, governance and setting a level playing field.


XAU/USD attempting to bounce up from $1,775 low

Gold futures accelerated heir downtrend from last week highs near $1,900, breaking below the 200-day SMA, at $1,800 area, to hit its lowest prices in nearly five months, at $1,775.

Gold news

Dollar offered ahead of the weekend

Equities are finishing the week on a firm tone, while the US dollar remains heavy. In the Asia Pacific, only Australia and India did not end the week on a firm note.

Read more

Black Friday 2020 Discounts!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info