- AUD/USD fails to extend Friday’s recovery, refreshes intraday low.
- Inability to cross 0.7380-85 resistance confluence joins upbeat Momentum to keep sellers hopeful.
- Monthly support line on the bears’ radar, five-week-old horizontal resistance offers extra hurdle to the north.
AUD/USD takes offers around 0.7355, down 0.16% intraday, during Monday morning in Asia.
The Aussie pair defies the previous day’s recovery moves while declining back below the 0.7380-85 resistance convergence, comprising 21-day EMA and a monthly falling trend line.
Given the strong Momentum line backing the downside moves, AUD/USD sellers have higher hopes to extend the pair’s latest fall.
In doing so, an ascending support line from July 21, near 0.7320, gains immediate attention ahead of the 0.7300 threshold. However, July low, also the yearly bottom, near 0.7290-85 will be the key level to watch afterward.
Meanwhile, recovery moves need to stay beyond 0.7385 to regain the 0.7400 round figure. Though, AUD/USD bulls may remain skeptical unless witnessing a daily closing beyond 0.7410, encompassing an upper line of a horizontal area established since July 09.
Overall, AUD/USD remains in the bearish consolidation with China's data dump in focus.
AUD/USD: Daily chart
Trend: Further weakness expected
Additional important levels
|Today last price||0.7358|
|Today Daily Change||-0.0011|
|Today Daily Change %||-0.15%|
|Today daily open||0.7369|
|Previous Daily High||0.7383|
|Previous Daily Low||0.7332|
|Previous Weekly High||0.739|
|Previous Weekly Low||0.7315|
|Previous Monthly High||0.7599|
|Previous Monthly Low||0.7288|
|Daily Fibonacci 38.2%||0.7364|
|Daily Fibonacci 61.8%||0.7351|
|Daily Pivot Point S1||0.734|
|Daily Pivot Point S2||0.731|
|Daily Pivot Point S3||0.7289|
|Daily Pivot Point R1||0.7391|
|Daily Pivot Point R2||0.7412|
|Daily Pivot Point R3||0.7442|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.