AUD/USD Price Analysis: Refreshes intraday high, flirts with 200-SMA with eyes on US NFP

AUD/USD licks its wounds near two-week low, picks up bids of late.
Bearish MACD signals, rising wedge confirmation keep sellers hopeful.
RSI conditions test the fall towards 0.7090, rebound remains doubtful below 0.7190.
Nonfarm Payrolls Preview: A strengthening labor market backs a tighter monetary policy

Anil Panchal FXStreet

AUD/USD refreshes intraday high to 0.7172, up 0.11% on a day, as traders consolidate recent losses around a fortnight low during the pre-NFP trading lull on early Friday.

Having confirmed a monthly rising wedge bearish chart pattern, AUD/USD bears flirt with the 200-SMA amid nearly oversold RSI. Given the pre-NFP trading lull, the quote is likely to seesaw around the key moving average, close to 0.7160 by the press time, for a while.

However, the quote remains liable to test the 23.6% Fibonacci retracement (Fibo.) of the mid-November to early December downturn around 0.7090. Following that, the year 2021 bottom surrounding 0.6995 will be next to watch.

Meanwhile, corrective pullback eyes the support-turned-resistance line of the aforementioned wedge, near 0.7190, a break of which could escalate the recovery moves towards the 61.8% Fibo. level near 0.7230.

Even so, the wedge’s upper line around 0.7290 and the 0.7300 threshold will challenge the AUD/USD bulls from retaking the control.

AUD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7169
Today Daily Change	0.0005
Today Daily Change %	0.07%
Today daily open	0.7164

Trends
Daily SMA20	0.7195
Daily SMA50	0.7234
Daily SMA100	0.7287
Daily SMA200	0.7437

Levels
Previous Daily High	0.7226
Previous Daily Low	0.7144
Previous Weekly High	0.7278
Previous Weekly Low	0.7204
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.7175
Daily Fibonacci 61.8%	0.7195
Daily Pivot Point S1	0.713
Daily Pivot Point S2	0.7097
Daily Pivot Point S3	0.7049
Daily Pivot Point R1	0.7211
Daily Pivot Point R2	0.7259
Daily Pivot Point R3	0.7292

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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