AUD/USD Price Analysis: Snaps two-day rebound within bear flag, 0.6510 eyed

AUD/USD takes offers to refresh intraday low inside bearish chart formation.
Absence of oversold RSI (14) line adds strength to downside bias.
Aussie pair’s recovery remains elusive unless breaking one-week-old falling resistance line.

Anil Panchal FXStreet

AUD/USD renews its intraday bottom around 0.6530 as it prints the first daily loss in three amid early Tuesday morning in Europe. In doing so, the Aussie pair fails to cheer broad US Dollar strength amid fears of softer economic growth in Australia.

While portraying the same, the AUD/USD pair prints a bearish flag chart pattern on the hourly timeframe.

Apart from the bearish chart formation, a near 50.0 level of the RSI (14) line allows the Aussie pair sellers to keep the reins.

That said, a convergence of the 50-Hour Moving Average (HMA) and an ascending support line from Friday restricts the AUD/USD pair’s immediate downside to around 0.6530 within the flag.

Following that, the 0.6510 level will be the key as a break of which confirms the bearish chart formation, making it vulnerable to refreshing the yearly low, currently around 0.6490.

It’s worth noting that the bear flag confirmation hints at a theoretical target of around 0.6340.

Meanwhile, the AUD/USD pair’s corrective bounce needs to cross the stated flag’s top line, close to 0.6560 at the latest.

Even so, the 200-HMA and a one-week-old descending resistance line, near 0.6615 by the press time, could challenge the Aussie bulls before giving them control.

AUD/USD: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	0.6516
Today Daily Change	-0.0022
Today Daily Change %	-0.34%
Today daily open	0.6538

Trends
Daily SMA20	0.6655
Daily SMA50	0.6673
Daily SMA100	0.677
Daily SMA200	0.6703

Levels
Previous Daily High	0.6554
Previous Daily Low	0.6514
Previous Weekly High	0.6668
Previous Weekly Low	0.649
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.6539
Daily Fibonacci 61.8%	0.653
Daily Pivot Point S1	0.6517
Daily Pivot Point S2	0.6496
Daily Pivot Point S3	0.6477
Daily Pivot Point R1	0.6557
Daily Pivot Point R2	0.6575
Daily Pivot Point R3	0.6596

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.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.