AUD/USD Price Analysis: Reverses lower from 0.6184, Friday's close pivotal

The US dollar is drawing haven bids and pushing AUD/USD lower.
Previous week's inside bar candle has made Friday's close pivotal.

Omkar Godbole FXStreet Contributor

With the US dollar again attracting haven bids on coronavirus pandemic fears, the AUD/USD pair is feeling the pull of gravity in Asia.

Global markets continue to struggle as the virus outbreak in the US worsened over the weekend. The number of US deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious disease expert warned on Sunday.

The dollar index, which tracks the value of the greenback, is currently trading at 98.60, representing a 0.30% gain on the day. Meanwhile, AUD/USD is trading at session lows near 0.6141, having faced rejection at 0.6184 about 25 minutes ago.

From a technical perspective, the focus is on Friday's (weekly close). The pair created an inside bar candlestick pattern last week, signaling indecision among the sellers.

A close above 0.62 would confirm a bullish reversal and open the doors for a test of former support-turned-resistance at 0.6827 (January 2016 low). Alternatively, a close under 0.57 (last week's low) would imply a continuation of the bearish trend.

Weekly chart

Trend: Neutral

Technical levels

AUD/USD

Overview
Today last price	0.6144
Today Daily Change	-0.0023
Today Daily Change %	-0.37
Today daily open	0.6167

Trends
Daily SMA20	0.6221
Daily SMA50	0.6513
Daily SMA100	0.6691
Daily SMA200	0.677

Levels
Previous Daily High	0.62
Previous Daily Low	0.6023
Previous Weekly High	0.62
Previous Weekly Low	0.57
Previous Monthly High	0.6775
Previous Monthly Low	0.6434
Daily Fibonacci 38.2%	0.6132
Daily Fibonacci 61.8%	0.6091
Daily Pivot Point S1	0.606
Daily Pivot Point S2	0.5952
Daily Pivot Point S3	0.5882
Daily Pivot Point R1	0.6237
Daily Pivot Point R2	0.6308
Daily Pivot Point R3	0.6415

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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