AUD/USD Price Analysis: Pokes key support near 0.7170 after Wednesday’s bearish candlestick

AUD/USD stays on the back foot as sellers attack three-week-old support line.
Wednesday’s Gravestone Doji, failures to cross 100-DMA favor bears.
May’s high acts as an additional upside filter while area surrounding 0.7130-20 probes downside.

Anil Panchal FXStreet

AUD/USD remains on the back foot around 0.7170, refreshing daily lows, as bears jostle with a short-term key support line during Thursday’s Asian session.

In doing so, the Aussie pair justifies the previous day’s bearish candlestick, namely the “Gravestone Doji”, as well as failures to cross the 100-DMA.

That said, the quote’s further downside hinges on a clear break of 0.7170. Even so, multiple tops marked during May 23-26 near 0.7130-20, will challenge AUD/USD sellers before directing them to the 0.7100 threshold.

In a case where the quote remains bearish past 0.7100, the 23.6% Fibonacci retracement of April-May fall, close to 0.7025, will be in focus.

Alternatively, a daily closing beyond the 100-DMA level of 0.7230 isn’t a welcome card for the AUD/USD buyers as the last monthly top surrounding 0.7270 offers an extra filter to the north.

Following that, a run-up towards the 61.8% Fibonacci retracement level near 0.7345 can’t be ruled out.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7171
Today Daily Change	-0.0005
Today Daily Change %	-0.07%
Today daily open	0.7176

Trends
Daily SMA20	0.7049
Daily SMA50	0.724
Daily SMA100	0.723
Daily SMA200	0.7259

Levels
Previous Daily High	0.723
Previous Daily Low	0.7154
Previous Weekly High	0.7167
Previous Weekly Low	0.7034
Previous Monthly High	0.7267
Previous Monthly Low	0.6828
Daily Fibonacci 38.2%	0.7201
Daily Fibonacci 61.8%	0.7183
Daily Pivot Point S1	0.7144
Daily Pivot Point S2	0.7111
Daily Pivot Point S3	0.7068
Daily Pivot Point R1	0.7219
Daily Pivot Point R2	0.7263
Daily Pivot Point R3	0.7295

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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