AUD/USD Price Analysis: Struggles below 0.6660/65 key resistance confluence


  • AUD/USD stays mildly negative following Aussie data.
  • Bearish MACD, a sustained trading below the key upside barrier keep sellers hopeful.
  • The recent candlestick formations portray the bears’ exhaustion.

AUD/USD takes rounds to 0.6600 following the release of a second-tier data from Australia during Wednesday’s Asian session.

Australia’s fourth quarter (Q4) Construction Work Done slumped 3.0% versus -1.0% expectations and +0.4% upwardly revised prior. Even so, the data had little impact on the Aussie pair.

However, the quote remains below 0.6660/65 resistance confluence including the early-month lows and a downward sloping trend line since January 01, 2020.

That said, the pair’s candlestick formations during the last two days suggest the bears also fail to cheer the MACD signal and rather like to wait for a sustained break below 0.6585 for fresh entry.

Hence, traders might witness the continuation of a lower grind unless prices stay in the range of 0.6585-0.6665.

However, an upside clearance of the same could quickly cross 0.6700 mark to challenge the monthly top near 0.6775.

AUD/USD daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 0.6598
Today Daily Change 1 pip
Today Daily Change % 0.02%
Today daily open 0.6597
 
Trends
Daily SMA20 0.6692
Daily SMA50 0.6816
Daily SMA100 0.6823
Daily SMA200 0.6847
 
Levels
Previous Daily High 0.6623
Previous Daily Low 0.6585
Previous Weekly High 0.6734
Previous Weekly Low 0.6585
Previous Monthly High 0.704
Previous Monthly Low 0.6682
Daily Fibonacci 38.2% 0.66
Daily Fibonacci 61.8% 0.6608
Daily Pivot Point S1 0.658
Daily Pivot Point S2 0.6564
Daily Pivot Point S3 0.6542
Daily Pivot Point R1 0.6618
Daily Pivot Point R2 0.664
Daily Pivot Point R3 0.6656

 

 

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