AUD/USD Price Analysis: Sellers attack 0.7720 support confluence

AUD/USD fails to extend previous day’s bounce, stays pressured near intraday low.
200-SMA, one-month-old ascending trend line form immediate key support.
61.8% Fibonacci retracement level, weekly support line add to the downside filters.
50-SMA, near-term resistance line guard recovery moves below 0.7800.

Anil Panchal FXStreet

AUD/USD battles the 0.7720 key support during early Friday. In doing so, the pair refrains from extending the previous day’s recovery moves while bears attack 200-SMA and an ascending support line from April.

Given the bearish MACD and the pair’s inability to cross 50% Fibonacci retracement of April-May upside, AUD/USD becomes liable to break the 0.7720 immediate support.

However, 61.8% Fibonacci retracement level and a bit shorter support line, respectively near 0.7700 and 0.7685, could test the bears before directing them to April’s low surrounding 0.7585.

On the flip side, a clear break above 50% Fibonacci retracement level of 0.7738 should propel the AUD/USD prices towards a confluence of 50-SMA, weekly resistance line and 23.6% Fibonacci retracement near 0.7775-80.

Overall, AUD/USD stays on the bears’ radar but the bulls aren’t ready to give up easily.

AUD/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7721
Today Daily Change	-8 pips
Today Daily Change %	-0.10%
Today daily open	0.7729

Trends
Daily SMA20	0.7761
Daily SMA50	0.771
Daily SMA100	0.7721
Daily SMA200	0.7492

Levels
Previous Daily High	0.7769
Previous Daily Low	0.7688
Previous Weekly High	0.7863
Previous Weekly Low	0.7674
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7738
Daily Fibonacci 61.8%	0.7719
Daily Pivot Point S1	0.7688
Daily Pivot Point S2	0.7647
Daily Pivot Point S3	0.7607
Daily Pivot Point R1	0.7769
Daily Pivot Point R2	0.781
Daily Pivot Point R3	0.785

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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