AUD/USD Price Analysis: Retreats from 3-week old downward sloping trend-line resistance

AUD/USD struggled to build on the recent positive move to one-week tops.
The technical set-up warrants some caution before placing aggressive bets.

Haresh Menghani FXStreet

Having failed to capitalize on the previous session's goodish positive move to one-week tops, the AUD/USD pair witnessed a modest pullback during the early European session on Thursday.

The pair started retreating from a resistance marked by a descending trend-line, extending from mid-January swing highs, which should now act as a key pivotal point for short-term traders.

Given the overnight sustained move above 200-hour SMA, for the first time since January 17, the technical set-up seems tilted in favour of bulls and support prospects for additional gains.

On the other hand, oscillators on the daily chart maintained their bearish bias and have again started drifting into the negative territory on the 1-hourly chart, favouring bearish traders.

Diverging technical factors warrant some caution before placing any aggressive bets for the pair's next leg of a directional move ahead of Friday's release of the closely watched NFP report.

AUD/USD 1-hourly chart

AUD/USD

Overview
Today last price	0.674
Today Daily Change	-0.0005
Today Daily Change %	-0.07
Today daily open	0.6745

Trends
Daily SMA20	0.6817
Daily SMA50	0.6862
Daily SMA100	0.6834
Daily SMA200	0.6866

Levels
Previous Daily High	0.6775
Previous Daily Low	0.6723
Previous Weekly High	0.6829
Previous Weekly Low	0.6682
Previous Monthly High	0.704
Previous Monthly Low	0.6682
Daily Fibonacci 38.2%	0.6755
Daily Fibonacci 61.8%	0.6743
Daily Pivot Point S1	0.672
Daily Pivot Point S2	0.6696
Daily Pivot Point S3	0.6668
Daily Pivot Point R1	0.6772
Daily Pivot Point R2	0.68
Daily Pivot Point R3	0.6824

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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