AUD/USD Price Analysis: Revisits 61.8% Fibo. level to snap three-day uptrend below 0.6800


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  • AUD/USD takes offers to refresh intraday low, prints the first daily loss in four.
  • 61.8% Fibonacci retracement level will challenge the bears ahead of the key 0.6690 support confluence.
  • Rising wedge teases sellers, 200-day EMA acts as immediate upside hurdle.

AUD/USD begins the key week on the negative side as it takes offers to refresh the intraday low near 0.6770 while snapping a three-day uptrend during early Monday in Asia. In doing so, the Aussie pair pokes the 61.8% Fibonacci retracement level of the pair’s August-October downside.

Even if the key Fibonacci retracement level, also known as the “Golden Ratio”, challenges the AUD/USD bears near 0.6770, the recently bearish MACD signals and the sluggish RSI (14) suggest the quote’s further downside. Also keeping the pair sellers hopeful is the one-month-old rising wedge bearish chart formation on the daily play.

It’s worth noting, however, that a convergence of the 100-day EMA and the stated wedge’s support line, near 0.6690, appears a tough nut to crack for the AUD/USD bears.

Following that, a south run towards the 38.2% Fibonacci retracement level near 0.6540 and then to the 0.6425 theoretical target can’t be ruled out.

Alternatively, the 200-day EMA level surrounding 0.6840 restricts immediate AUD/USD upside ahead of the aforementioned rising wedge’s top, close to 0.6880 by the press time.

In a case where the AUD/USD bulls keep the reins past 0.6880, the late August high near the 0.7000 round figure will be in focus.

AUD/USD: Daily chart

Trend: Further downside expected

Additional important levels

Overview
Today last price 0.677
Today Daily Change -0.0025
Today Daily Change % -0.37%
Today daily open 0.6795
 
Trends
Daily SMA20 0.6724
Daily SMA50 0.6527
Daily SMA100 0.668
Daily SMA200 0.691
 
Levels
Previous Daily High 0.6814
Previous Daily Low 0.6744
Previous Weekly High 0.6851
Previous Weekly Low 0.6669
Previous Monthly High 0.6801
Previous Monthly Low 0.6272
Daily Fibonacci 38.2% 0.6787
Daily Fibonacci 61.8% 0.677
Daily Pivot Point S1 0.6754
Daily Pivot Point S2 0.6714
Daily Pivot Point S3 0.6684
Daily Pivot Point R1 0.6824
Daily Pivot Point R2 0.6854
Daily Pivot Point R3 0.6894

 

 

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