AUD/USD Price Analysis: Pierces yearly support line to aim for 0.7105

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.

Anil Panchal FXStreet

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

Overview
Today last price	0.7137
Today Daily Change	-0.0050
Today Daily Change %	-0.70%
Today daily open	0.7187

Trends
Daily SMA20	0.7337
Daily SMA50	0.7345
Daily SMA100	0.7347
Daily SMA200	0.7523

Levels
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

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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