AUD/USD Price Analysis: Pares Aussie-employment-induced losses, H&S highlights 0.6865 support


  • AUD/USD rebounds from 0.6865-70 support confluence to consolidate biggest daily loss in two weeks.
  • Convergence of head-and-shoulders’ neckline, two-month-old ascending trend line challenges bears.
  • Buyers need validation from 21-DMA to retake control.

AUD/USD grinds near intraday high surrounding 0.6915 as it reverses the losses post Australian employment data release during early European morning on Thursday.

In doing so, the Aussie pair portrays a recovery move from the 0.6865-70 support confluence that encompasses the lower line of the six-week-old head-and-shoulders (H&S) bearish chart pattern and a two-month-old ascending trend line.

It’s worth noting, however, that the bearish MACD signals and the steady RSI (14) line join the Aussie pair’s sustained trading below the 21-DMA to challenge the bullish bias unless the quote rises past the immediate DMA hurdle surrounding the 0.7000 psychological magnet.

Even so, the weekly near 0.7030 and the monthly peak of 0.7157 could challenge the AUD/USD bulls afterward.

In a case where the AUD/USD buyers remain in the driver’s seat past 0.7157, the May 2022 high near 0.7285 will be on their radars.

On the contrary, a successful downside break of 0.6865 key support level is necessary for the Aussie pair bears to keep the reins.

Following that, the 200-DMA surrounding 0.6800 and the late 2022 low near 0.6630 may act as validation points during the theoretical south-run targeting the 0.6500 round figure.

Overall, AUD/USD remains bearish but the downside move needs validation from 0.6865.

AUD/USD: Daily chart

Trend: Limited recovery expected

Additional important levels

Overview
Today last price 0.6916
Today Daily Change 0.0008
Today Daily Change % 0.12%
Today daily open 0.6908
 
Trends
Daily SMA20 0.7001
Daily SMA50 0.6884
Daily SMA100 0.6699
Daily SMA200 0.6806
 
Levels
Previous Daily High 0.6992
Previous Daily Low 0.6865
Previous Weekly High 0.7011
Previous Weekly Low 0.6856
Previous Monthly High 0.7143
Previous Monthly Low 0.6688
Daily Fibonacci 38.2% 0.6913
Daily Fibonacci 61.8% 0.6943
Daily Pivot Point S1 0.6851
Daily Pivot Point S2 0.6794
Daily Pivot Point S3 0.6724
Daily Pivot Point R1 0.6978
Daily Pivot Point R2 0.7048
Daily Pivot Point R3 0.7105

 

 

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