AUD/USD Price Analysis: Keeps rebound from 0.7200 immediate support

AUD/USD picks up bids to refresh intraday high, aims to reverse previous day’s pullback from monthly top.
Bullish MACD, sustained bounce off 38.2% Fibonacci retracement level keep short-term buyers hopeful.
Key SMAs challenge further upside, three-week-old support line lures bears.

Anil Panchal FXStreet

AUD/USD consolidates losses from a five-week top while refreshing intraday high around 0.7235 during early Wednesday morning in Asia.

In doing so, the Aussie pair keeps the bounce off 38.2% Fibonacci retracement (Fibo.) of October-December declines amid bullish MACD.

However, 50-DMA and 100-DMA, respectively near 0.7270 and 0.7290, challenge short-term advances of the pair ahead of flashing the 0.7300 threshold on the chart.

In a case where AUD/USD bulls keep reins past 0.7300, the previous support line from August, close to 0.7325, will be in focus.

Alternatively, a downside break of 0.7200 will have multiple supports around 0.7190 before directing the AUD/USD sellers towards September’s low of 0.7170.

Overall, AUD/USD bulls are in for a bumpy ride to the road during the final days of 2021.

AUD/USD; Daily chart

Trend: Limited upside potential

Additional important levels

Overview
Today last price	0.7233
Today Daily Change	0.0003
Today Daily Change %	0.04%
Today daily open	0.723

Trends
Daily SMA20	0.715
Daily SMA50	0.7272
Daily SMA100	0.7292
Daily SMA200	0.7451

Levels
Previous Daily High	0.7265
Previous Daily Low	0.7218
Previous Weekly High	0.7253
Previous Weekly Low	0.7081
Previous Monthly High	0.7537
Previous Monthly Low	0.7063
Daily Fibonacci 38.2%	0.7236
Daily Fibonacci 61.8%	0.7247
Daily Pivot Point S1	0.721
Daily Pivot Point S2	0.7191
Daily Pivot Point S3	0.7164
Daily Pivot Point R1	0.7257
Daily Pivot Point R2	0.7284
Daily Pivot Point R3	0.7303

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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