AUD/USD Price Analysis: Seesaws around 0.7200 inside monthly falling wedge


  • AUD/USD struggles to extend bounce off two-month low inside bullish chart pattern.
  • Oversold RSI hints at a corrective pullback, key DMA convergence challenges the bulls.

AUD/USD trades flirt with 78.6% % Fibonacci retracement (Fibo.) of August-October upside within a month-long falling wedge bullish formation during early Thursday. That said, the quote retreats from an intraday high 0.7210 while keeping the rebound from a two-month low of 0.7183 by the press time.

Given the oversold RSI conditions, odds favoring the corrective pullback are high, suggesting a U-turn towards the stated pattern’s resistance line near 0.7270.

However, a daily closing past 0.7270 will confirm the theoretical run-up targeting the late June’s high close to 0.7620. During the run-up 61.8% Fibo. and convergence of the key DMAs, respectively around 0.7280 and 0.7350 will precede October’s peak of 0.7557 to challenge the AUD/USD bulls.

Alternatively, further weakness past the 78.6% Fibonacci retracement level of 0.7200 will direct the quote towards September’s monthly bottom of 0.7169. Also challenging the quote is the support line of the stated wedge near 0.7165.

In a case where AUD/USD sellers dominate past 0.7165, the yearly low of 0.7105 should return to the charts.

AUD/USD: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 0.7202
Today Daily Change 0.0003
Today Daily Change % 0.04%
Today daily open 0.7199
 
Trends
Daily SMA20 0.7354
Daily SMA50 0.7347
Daily SMA100 0.735
Daily SMA200 0.7526
 
Levels
Previous Daily High 0.723
Previous Daily Low 0.7183
Previous Weekly High 0.7371
Previous Weekly Low 0.7227
Previous Monthly High 0.7557
Previous Monthly Low 0.7191
Daily Fibonacci 38.2% 0.7201
Daily Fibonacci 61.8% 0.7212
Daily Pivot Point S1 0.7178
Daily Pivot Point S2 0.7157
Daily Pivot Point S3 0.7131
Daily Pivot Point R1 0.7225
Daily Pivot Point R2 0.7251
Daily Pivot Point R3 0.7272

 

 

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