AUD/USD Price Analysis: Retreats from adjacent resistance line near 0.6785


  • AUD/USD fades bounce off 50-HMA amid failures to cross three-day-old descending resistance line.
  • Looming bear cross on MACD keeps sellers hopeful but 200-HMA is a tough nut to crack for sellers.
  • Bulls need validation from 0.6800 to retake control.

AUD/USD snaps a two-day uptrend as it retreats from a short-term downward-sloping resistance line during early Friday. Even so, the sluggish MACD and holiday mood in the market restricts the Aussie pair’s downside and hence the quote remains mildly offered near 0.6770 by the press time.

It should be observed that the MACD is likely teasing the bears, despite being sidelined of late, which in turn joins the quote’s failure to cross the immediate hurdle to keep the sellers hopeful.

However, the 50-HMA level surrounding 0.6755 restricts the AUD/USD pair’s immediate downside.

Should the quote breaks the immediate HMA support, traders will pay attention to the key downside level of 0.6718, comprising the 200-HMA, a break of which could quickly drag the Aussie pair towards the monthly low of 0.6629 marked in the last week.

Alternatively, recovery moves need to cross the descending trend line from Wednesday, around 0.6785, to push back the bearish bias.

Even so, the weekly top surrounding the 0.6800 round figure acts as an extra filter to the north before welcoming the AUD/USD bulls.

Overall, AUD/USD remains sidelined even as the bears struggle to retake control.

AUD/USD: Hourly chart

Trend: Sidelined

Additional important levels

Overview
Today last price 0.6773
Today Daily Change -0.0006
Today Daily Change % -0.09%
Today daily open 0.6779
 
Trends
Daily SMA20 0.6738
Daily SMA50 0.6637
Daily SMA100 0.6645
Daily SMA200 0.6867
 
Levels
Previous Daily High 0.6788
Previous Daily Low 0.671
Previous Weekly High 0.6767
Previous Weekly Low 0.6629
Previous Monthly High 0.6801
Previous Monthly Low 0.6272
Daily Fibonacci 38.2% 0.6758
Daily Fibonacci 61.8% 0.674
Daily Pivot Point S1 0.673
Daily Pivot Point S2 0.6682
Daily Pivot Point S3 0.6653
Daily Pivot Point R1 0.6807
Daily Pivot Point R2 0.6836
Daily Pivot Point R3 0.6884

 

 

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