AUD/USD Price Analysis: Retreats from 0.6780-90 resistance region

AUD/USD snaps two-day winning streak by taking U-turn from three-week-old horizontal resistance.
Firmer RSI, bullish MACD signals join ascending trend channel to keep buyers hopeful.
200-SMA, two-month-old ascending support line adds to the downside filters.

Anil Panchal FXStreet

AUD/USD takes offers to renew intraday low near 0.6765 as traders await the key inflation numbers from China during early Friday.

In doing so, the Aussie pair reverses from a horizontal resistance area comprising multiple levels marked since November 15, between 0.6780 and 0.6790, to print the first daily loss in three. It’s worth noting that the quote is on the way to snapping a two-week uptrend on a weekly basis.

It’s worth noting, however, that the bullish MACD signals and firmer RSI joins a three-week-old ascending trend channel formation to keep AUD/USD buyers hopeful unless the quote stays beyond 0.6675 support.

Following that, the 200-SMA and an upward-sloping trend line from early October, respectively near 0.6610 and 0.6440, may lure the pair sellers.

Alternatively, AUD/USD buyers need a successful break of 0.6790, as well as sustained trading beyond the 0.6800 round figure to retake control.

Even so, the upper line of the stated channel, close to 0.6870 at the latest, will challenge the Aussie pair’s further upside.

Should the AUD/USD bulls manage to keep the reins past 0.6870, September’s high near 0.6915 will flash on their radar.

AUD/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.677
Today Daily Change	-0.0002
Today Daily Change %	-0.03%
Today daily open	0.6772

Trends
Daily SMA20	0.672
Daily SMA50	0.6519
Daily SMA100	0.6682
Daily SMA200	0.6913

Levels
Previous Daily High	0.6781
Previous Daily Low	0.6698
Previous Weekly High	0.6845
Previous Weekly Low	0.664
Previous Monthly High	0.6801
Previous Monthly Low	0.6272
Daily Fibonacci 38.2%	0.6749
Daily Fibonacci 61.8%	0.673
Daily Pivot Point S1	0.672
Daily Pivot Point S2	0.6668
Daily Pivot Point S3	0.6638
Daily Pivot Point R1	0.6803
Daily Pivot Point R2	0.6833
Daily Pivot Point R3	0.6885

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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