AUD/USD Price Analysis: Retreats from monthly resistance, 100-SMA towards 0.6800

AUD/USD takes offers to renew intraday low as it pares the biggest daily gains in a month.
Receding bullish bias of MACD, RSI pullback adds strength to the fall targeting 50-SMA.
200-SMA adds to the upside filters, bears have a bumpy road before retaking control.

Anil Panchal FXStreet

AUD/USD consolidates the biggest daily gains in a month as it refreshes intraday low around 0.6825-30 during Monday’s Asian session. In doing so, the Aussie pair takes a U-turn from the downward sloping resistance line from August 15 as well as the 100-SMA.

Given the receding bullish bias of the MACD and the RSI retreat, the AUD/USD prices are likely to witness further downside.

However, the 0.6800 threshold and the 50-SMA, around 0.6790, could challenge the intraday sellers.

Following that, the monthly horizontal support area, around 0.6770, appears the last defense of the AUD/USD bulls before challenging the yearly low of 0.6700.

Meanwhile, the 100-SMA and the aforementioned resistance line, respectively near 0.6850 and 0.6870, challenge short-term AUD/USD upside ahead of the 200-SMA hurdle surrounding 0.6925.

It’s worth noting that the pair’s run-up beyond 0.6925 enables it to overcome the 0.7000 psychological magnet, which in turn highlights the late August swing high near 0.7010 for the bulls to watch as a probable challenge.

AUD/USD: Four-hour chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.6829
Today Daily Change	-0.0015
Today Daily Change %	-0.22%
Today daily open	0.6844

Trends
Daily SMA20	0.6874
Daily SMA50	0.6896
Daily SMA100	0.6969
Daily SMA200	0.7116

Levels
Previous Daily High	0.6877
Previous Daily Low	0.6745
Previous Weekly High	0.6877
Previous Weekly Low	0.6699
Previous Monthly High	0.7137
Previous Monthly Low	0.6835
Daily Fibonacci 38.2%	0.6827
Daily Fibonacci 61.8%	0.6795
Daily Pivot Point S1	0.6766
Daily Pivot Point S2	0.669
Daily Pivot Point S3	0.6634
Daily Pivot Point R1	0.6899
Daily Pivot Point R2	0.6954
Daily Pivot Point R3	0.7031

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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