AUD/USD Price Analysis: Reverses Biden-backed gains from 100-SMA on “sell the fact”

AUD/USD refreshes intraday low following its U-turn from 0.7801.
Bullish MACD, sustained trading beyond key support confluence keeps buyers hopeful.
US President Joe Biden tried to spread optimism but couldn’t offer anything new.

Anil Panchal FXStreet

AUD/USD takes offers around intraday low of 0.7769, currently down 0.23% around 0.7773, during the early Friday. In doing so, the quote reverses the early-day pick-up to the week’s top as 100-SMA guards immediate upside.

Also read: AUD/USD pierces 0.7800 as US President Biden lauds covid efforts, promises faster recovery

It should be noted though that the losses are likely to find tough support around 0.7740, comprising 200-SMA and an ascending support line from Tuesday, amid bullish MACD.

If at all the AUD/USD sellers conquer the key support, which is less likely, “double bottoms” around the monthly low of 0.6620 will be in the spotlight.

Meanwhile, the pair’s run-up beyond the 0.7800 needs to cross 50% Fibonacci retracement level of late February to early March downside, close to 0.7815, to recall the AUD/USD buyers.

Also acting as the upside filters is the monthly top surrounding 0.7840 and the 61.8% Fibonacci retracement level near 0.7860.

Overall, AUD/USD remains upbeat but intermediate pullback can’t be ruled out.

AUD/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.7776
Today Daily Change	-16 pips
Today Daily Change %	-0.21%
Today daily open	0.7792

Trends
Daily SMA20	0.7786
Daily SMA50	0.774
Daily SMA100	0.7557
Daily SMA200	0.7331

Levels
Previous Daily High	0.7795
Previous Daily Low	0.7722
Previous Weekly High	0.7838
Previous Weekly Low	0.7622
Previous Monthly High	0.8008
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7767
Daily Fibonacci 61.8%	0.775
Daily Pivot Point S1	0.7744
Daily Pivot Point S2	0.7697
Daily Pivot Point S3	0.7672
Daily Pivot Point R1	0.7817
Daily Pivot Point R2	0.7842
Daily Pivot Point R3	0.7889

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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