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.

Anil Panchal FXStreet

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

Overview
Today last price	0.6418
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	0.6418

Trends
Daily SMA20	0.6357
Daily SMA50	0.6297
Daily SMA100	0.6562
Daily SMA200	0.6684

Levels
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

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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