- AUD/USD takes offers to refresh three-month low during a three-day downtrend.
- Oversold RSI conditions probe bears at the key support line, daily closing awaited.
- Bear cross keeps buyers away until crossing 100-DMA.
AUD/USD marks the heaviest daily fall in three weeks while taking offers around 0.7135, down 0.78% during Friday morning in Europe.
The Aussie pair bears cheer a sustained trading below a three-month-old support line, now resistance around 0.7260, as well as downbeat MACD signals and a bear cross of the 20-DMA to 100-DMA, to aim for the yearly bottom of 0.7105.
However, oversold RSI conditions may challenge the sellers around an ascending support line from November 2020, around 0.7140. Hence, a daily closing below the recently broken trend line becomes necessary to convince the bears.
Should the pair sellers conquer the key support line, a south-run towards the 2021 bottom surrounding 0.7100, marked in August, become imminent.
Meanwhile, corrective pullback remains elusive below the previous support line from August 20, near 0.7260.
Even so, bulls remain cautious until crossing the 20-DMA and the 100-DMA, respectively close to 0.7315 and 0.7345.
To sum up, AUD/USD sellers have some downside room to travel before hitting the key hurdle.
AUD/USD: Daily chart
Trend: Further downside expected
Additional important levels
|Today last price||0.7137|
|Today Daily Change||-0.0050|
|Today Daily Change %||-0.70%|
|Today daily open||0.7187|
|Previous Daily High||0.721|
|Previous Daily Low||0.7179|
|Previous Weekly High||0.7371|
|Previous Weekly Low||0.7227|
|Previous Monthly High||0.7557|
|Previous Monthly Low||0.7191|
|Daily Fibonacci 38.2%||0.7191|
|Daily Fibonacci 61.8%||0.7198|
|Daily Pivot Point S1||0.7174|
|Daily Pivot Point S2||0.7161|
|Daily Pivot Point S3||0.7143|
|Daily Pivot Point R1||0.7205|
|Daily Pivot Point R2||0.7223|
|Daily Pivot Point R3||0.7236|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.