AUD/USD Price Analysis: Retreats from 200-SMA as bears brace for 0.6580


  • AUD/USD takes a U-turn from intraday high as the key SMA probes recovery.
  • Failure to cross key hurdles, downbeat oscillators favor sellers.
  • Bears eye late November swing low, 50% Fibonacci retracement level.
  • One-month-old previous support line adds to the upside filters.

AUD/USD takes offers to refresh the intraday low near 0.6655 during early Wednesday morning in Europe.

The Aussie pair’s failure to extend the corrective bounce off 38.2% Fibonacci retracement of November-December upside beyond the 200-SMA appears to favor the AUD/USD bears of late.

Adding strength to the bearish bias are the sluggish MACD signals and the RSI (14) that remains downbeat.

As a result, AUD/USD sellers are back to attacking the 38.2% Fibonacci retracement (Fibo.) level of 0.6655, a break of which could quickly direct bears toward the convergence of the 50% Fibo. level and the late November swing low, close to 0.6580.

It’s worth noting that the November 08 swing high near 0.6550 and the 61.8% Fibonacci retracement level, also known as the “Golden Ratio”, around 0.6510, could challenge the AUD/USD downside past 0.6580.

Alternatively, the 200-SMA hurdle surrounding the 0.6700 round figure guards the AUD/USD pair’s immediate recovery.

Following that, the support-turned-resistance line from November 21, close to 0.6740 at the latest, will act as the last defense of the AUD/USD pair sellers.

Overall, AUD/USD is up for a refreshing monthly low but the downside past 0.6580 has limited room towards the south.

AUD/USD: Four-hour chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.6664
Today Daily Change -0.0006
Today Daily Change % -0.09%
Today daily open 0.667
 
Trends
Daily SMA20 0.6744
Daily SMA50 0.6574
Daily SMA100 0.6664
Daily SMA200 0.6891
 
Levels
Previous Daily High 0.6744
Previous Daily Low 0.6629
Previous Weekly High 0.6893
Previous Weekly Low 0.6675
Previous Monthly High 0.6801
Previous Monthly Low 0.6272
Daily Fibonacci 38.2% 0.6673
Daily Fibonacci 61.8% 0.67
Daily Pivot Point S1 0.6618
Daily Pivot Point S2 0.6566
Daily Pivot Point S3 0.6503
Daily Pivot Point R1 0.6733
Daily Pivot Point R2 0.6796
Daily Pivot Point R3 0.6848

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to daily gains above 1.0650

EUR/USD clings to daily gains above 1.0650

EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.

EUR/USD News

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD recovers toward 1.2450 after UK Retail Sales data

GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.

GBP/USD News

Gold holds steady at around $2,380 following earlier spike

Gold holds steady at around $2,380 following earlier spike

Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.

Gold News

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium

Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price shows no signs of directional bias while it holds above  $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research. 

Read more

Week ahead – US GDP and BoJ decision on top of next week’s agenda

Week ahead – US GDP and BoJ decision on top of next week’s agenda

US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.

Read more

Forex MAJORS

Cryptocurrencies

Signatures