- 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.
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|
|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|
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