AUD/USD Price Analysis: MACD favors bears, six-month-old resistance line to cap any bounce

AUD/USD trades near the lowest since February 2009.
Bearish MACD signals and sustained trading below the key support (now resistance) favor the sellers.

Anil Panchal FXStreet

AUD/USD declines to 0.6639, down 0.60%, while heading into the European session on Thursday. The pair slumped to the lowest in 11 years after breaking a downward slopping trend line from early-August 2019.

Even if the oversold conditions of RSI increase the odds of a pullback, buyers will look for entry only beyond 0.6660.

In doing so, 0.6700 can please the short-term traders ahead of challenging them with a confluence of 21-day SMA and a two-week-long falling trend line, around 0.6730.

Alternatively, 0.6600 and highs marked during late-February 2009, around 0.6550/45 will lure the sellers during further downside.

AUD/USD daily chart

Trend: Bearish

additional important levels

Overview
Today last price	0.6639
Today Daily Change	-38 pips
Today Daily Change %	-0.57%
Today daily open	0.6677

Trends
Daily SMA20	0.6729
Daily SMA50	0.6838
Daily SMA100	0.6829
Daily SMA200	0.6852

Levels
Previous Daily High	0.6708
Previous Daily Low	0.6664
Previous Weekly High	0.6751
Previous Weekly Low	0.6661
Previous Monthly High	0.704
Previous Monthly Low	0.6682
Daily Fibonacci 38.2%	0.6681
Daily Fibonacci 61.8%	0.6691
Daily Pivot Point S1	0.6658
Daily Pivot Point S2	0.664
Daily Pivot Point S3	0.6615
Daily Pivot Point R1	0.6702
Daily Pivot Point R2	0.6727
Daily Pivot Point R3	0.6745

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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