AUD/USD Price Analysis: Immediate support line probes bears below 0.7750

AUD/USD fails to keep bounce off intraday low.
Downward sloping RSI favors bears eyeing monthly bottom.
February 23 low adds to the upside barriers.

Anil Panchal FXStreet

AUD/USD holds lower ground, down 0.31% intraday around 0.7736, during the early Friday’s trading. In doing so, the aussie pair fades the latest bounce off intraday low of 0.7723 while declining for the second consecutive day.

It should be noted that the pair’s pullback from 0.7850, portrayed the previous day, suggests the failures to cross the early-month top and portrays a strong horizontal hurdle to the north around 0.7840-50.

Additionally, descending RSI line and challenges to the risk should also be considered favoring AUD/USD sellers.

Though, a clear break below an eight-day-old support line, at 0.7715 now, becomes necessary for the quote’s further weakness targeting the monthly low near 0.7620.

However, an extended south-run past-0.7620 will confirm the “double top” formation, with the tops near 0.7840-50, while suggesting a plunge to the late December 2020 lows surrounding 0.7460. During the fall, February low near 0.7560 can offer an intermediate stop to the bears.

On the flip side, a clear break of 0.7850 will have to cross the February 23 low of 0.7880 and the 0.7900 threshold before challenging the previous monthly peak close to the 0.8000 psychological magnet.

AUD/USD four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7734
Today Daily Change	-26 pips
Today Daily Change %	-0.34%
Today daily open	0.776

Trends
Daily SMA20	0.7787
Daily SMA50	0.7742
Daily SMA100	0.7591
Daily SMA200	0.7351

Levels
Previous Daily High	0.785
Previous Daily Low	0.7748
Previous Weekly High	0.7801
Previous Weekly Low	0.762
Previous Monthly High	0.8008
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7787
Daily Fibonacci 61.8%	0.7811
Daily Pivot Point S1	0.7722
Daily Pivot Point S2	0.7685
Daily Pivot Point S3	0.7621
Daily Pivot Point R1	0.7824
Daily Pivot Point R2	0.7888
Daily Pivot Point R3	0.7925

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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