AUD/USD Price Analysis: Slips below 0.7600, seems vulnerable near one-month lows

AUD/USD remained under some heavy selling pressure for the second straight session on Thursday.
The set-up remains firmly in favour of bearish trades and supports prospects for a further downfall.
Attempted recovery move is likely to confront stiff resistance near the 0.7650 support breakpoint.

Haresh Menghani FXStreet

The AUD/USD pair added to the previous day's losses and witnessed some heavy selling for the second consecutive session on Thursday. The downward trajectory dragged the pair to fresh one-month lows during the first half of the European session, with bears now looking to extend the momentum further below the 0.7600 mark.

From a technical perspective, the AUD/USD pair on Wednesday decisively broke through a short-term ascending trend-line support extending from early November. A subsequent slide below the 23.6% Fibonacci level of the 0.6990-0.7820 strong positive move might have already set the stage for additional near-term weakness.

The bearish outlook is further reinforced by the fact that technical indicators on the daily chart have just started driving into the negative territory. Some follow-through selling below 50-day SMA support, around the 0.7585 region, will reaffirm the bearish bias and turn the AUD/USD pair vulnerable to slide further.

The downward trajectory might then drag the AUD/USD pair towards the key 0.7500 psychological mark. The mentioned level coincides with the 38.2% Fibo. level, which if broken decisively will be seen as a fresh trigger for bearish traders. This, in turn, would pave the way for an extension of the ongoing corrective slide.

On the flip side, any attempted recovery runs the risk of fizzling out rather quickly near the 0.7650 horizontal support breakpoint. This, in turn, should now act as a strong barrier, which if cleared decisively might trigger some short-covering move and push the AUD/USD pair back towards the 0.7700 round-figure mark.

AUD/USD daily chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.7594
Today Daily Change	-0.0066
Today Daily Change %	-0.86
Today daily open	0.766

Trends
Daily SMA20	0.7731
Daily SMA50	0.7579
Daily SMA100	0.7378
Daily SMA200	0.7147

Levels
Previous Daily High	0.7764
Previous Daily Low	0.7644
Previous Weekly High	0.7783
Previous Weekly Low	0.7658
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.7689
Daily Fibonacci 61.8%	0.7718
Daily Pivot Point S1	0.7614
Daily Pivot Point S2	0.7569
Daily Pivot Point S3	0.7494
Daily Pivot Point R1	0.7735
Daily Pivot Point R2	0.7809
Daily Pivot Point R3	0.7855

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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