AUD/USD Price Analysis: Rejected at 6-week bearish trendline


  • A multi-week bearish trendline caps AUD/USD's upside. 
  • The immediate outlook stands neutralized due to rejection at the key trendline. 
  • Friday's low is now the level to beat for the bears. 

AUD/USD currently trading in the red at 0.7216, having faced rejection at 0.7234. 

That level is housing the trendline connecting Sept. 1 and Sept. 18 highs. 

A close higher would imply an end of the pullback from the Sept. 1 high of 0.7413 and bullish reversal. 

Indicators like the MACD histogram and the 14-day relative strength index are reporting bullish conditions. In other words, they have aligned in favor of an upside break of the bearish trendline. 

Bearish scenario 

If followed by a move below Friday's low of 0.7162, the latest rejection at the trendline hurdle would confirm an end of the bounce from the Sept. 25 low of 0.7006 and reversal lower. 

That would expose support at 0.7096 (Oct. 7 low) and 0.7006 (Sept. 25 low). 

Daily chart

Trend: Neutral

Technical levels

AUD/USD

Overview
Today last price 0.7216
Today Daily Change -0.0022
Today Daily Change % -0.30
Today daily open 0.724
 
Trends
Daily SMA20 0.7179
Daily SMA50 0.7208
Daily SMA100 0.7071
Daily SMA200 0.6783
 
Levels
Previous Daily High 0.7244
Previous Daily Low 0.7159
Previous Weekly High 0.7244
Previous Weekly Low 0.7096
Previous Monthly High 0.7414
Previous Monthly Low 0.7004
Daily Fibonacci 38.2% 0.7212
Daily Fibonacci 61.8% 0.7192
Daily Pivot Point S1 0.7185
Daily Pivot Point S2 0.7129
Daily Pivot Point S3 0.71
Daily Pivot Point R1 0.727
Daily Pivot Point R2 0.7299
Daily Pivot Point R3 0.7355

 

 

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