AUD/USD Price Analysis: Stays pressured towards 2021 bottom

AUD/USD holds lower ground near two-month bottom, pauses two-day downtrend.
Oversold RSI probes bears but downbeat MACD signals, sustained break of the key support zone hint at further weakness.
Key moving averages, monthly high add to the upside filters.

Anil Panchal FXStreet

AUD/USD dribbles around 0.7030 during a mixed Asian session on Friday, after declining to an early December low following the two-day downtrend.

In doing so, the Aussie pair justifies oversold RSI conditions to defend the 0.7000 psychological magnet.

However, a clear downside break of a five-month-old horizontal resistance area, between 0.7090 and 0.7110, keeps AUD/USD sellers hopeful amid bearish MACD signals.

Even if the pair buyers manage to cross the 0.7110 hurdle, the 50-DMA and the 100-DMA surrounding 0.7175 and 0.7265 in that order will challenge the pair’s further upside.

Alternatively, lows marked during December 2021, also the lowest levels since November 2020, around 0.6990, will challenge the AUD/USD bears during the fresh downside.

Should the remains bearish past 0.6990, the 61.8% Fibonacci Expansion (FE) of the pair’s declines from late June 2021 to January 2022, around 0.6920, will be in focus.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7037
Today Daily Change	0.0009
Today Daily Change %	0.13%
Today daily open	0.7028

Trends
Daily SMA20	0.7194
Daily SMA50	0.7177
Daily SMA100	0.7267
Daily SMA200	0.74

Levels
Previous Daily High	0.7123
Previous Daily Low	0.7022
Previous Weekly High	0.7277
Previous Weekly Low	0.7169
Previous Monthly High	0.7278
Previous Monthly Low	0.6993
Daily Fibonacci 38.2%	0.7061
Daily Fibonacci 61.8%	0.7085
Daily Pivot Point S1	0.6993
Daily Pivot Point S2	0.6957
Daily Pivot Point S3	0.6892
Daily Pivot Point R1	0.7093
Daily Pivot Point R2	0.7158
Daily Pivot Point R3	0.7194

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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