AUD/USD Price Analysis: Mildly bid inside nearby trading range below 0.7000

AUD/USD bounces off 0.6939 to attack 0.7000 but stays inside a four-day-old trading range.
200-HMA offers intermediate support, 61.8% Fibonacci retracement adds to the downside filters.
Bulls will have multiple resistances to conquer past-0.7000.

Anil Panchal FXStreet

AUD/USD rises to 0.6960, up 0.13% on a day, during Monday’s Asian session. The aussie pair recently took a U-turn from 200-HMA while keeping a short-term trading range intact.

Looking at the normal RSI conditions and the quote’s latest recoveries from the key HMA, AUD/USD prices may again aim for 0.7000. However, its further upside will be challenged by the early-June tops surrounding 0.7030 ahead of highlighting the previous month’s high near 0.7065.

Additionally, July 2019 peak close to 0.7085 will become an extra upside barrier before fueling the pair towards 0.7100 threshold.

Meanwhile, a 200-HMA level of 0.6945 can stop sellers ahead of the range support near 0.6920.

If at all the quote slips below 0.6920, 0.6900 level comprising 61.8% Fibonacci retracement level of June 30 to July 09 upside will be the key as it holds the gate for the pair’s further downside.

AUD/USD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	0.6956
Today Daily Change	7 pips
Today Daily Change %	0.10%
Today daily open	0.6949

Trends
Daily SMA20	0.691
Daily SMA50	0.6758
Daily SMA100	0.6527
Daily SMA200	0.6677

Levels
Previous Daily High	0.6969
Previous Daily Low	0.6922
Previous Weekly High	0.7001
Previous Weekly Low	0.6922
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.694
Daily Fibonacci 61.8%	0.6952
Daily Pivot Point S1	0.6925
Daily Pivot Point S2	0.69
Daily Pivot Point S3	0.6878
Daily Pivot Point R1	0.6972
Daily Pivot Point R2	0.6994
Daily Pivot Point R3	0.7019

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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