AUD/USD Price Analysis: Struggles within 2.5-month-old bullish channel, 0.6600 is crucial for Aussie bears


  • AUD/USD fails to extend the corrective bounce off multi-day low inside ascending trend channel.
  • Short-term falling resistance line prods recovery moves.
  • Below-50 levels of RSI suggests bottom picking inside bullish chart formation.

AUD/USD stays defensive near 0.6630 despite picking up bids during early Friday as it jostles with a one-week-old descending resistance line within a rising trend channel established since March.

It’s worth noting that the Aussie pair dropped to the lowest levels in three weeks the previous day amid broad US Dollar strength but the greenback’s retreat ahead of the top-tier events triggered the AUD/USD rebound from the lower line of a 2.5-month-old bullish channel.

Also read: AUD/USD bounces off three-week low towards 0.6650 as US Dollar retreats on mixed clues, Fed’s Powell eyed

Adding strength to the corrective bounce could be the below-50 levels of the RSI (14) line.

However, a clear upside break of a seven-day-long descending resistance line, around 0.6635 by the press time, becomes necessary to recall the AUD/USD buyers.

Even so, the weekly high of around 0.6710 and convergence of the 100-DMA and 38.2% Fibonacci retracement of the pair’s run-up from October 2022 to February 2023, near 0.6785, can challenge the AUD/USD bulls.

Alternatively, a daily closing below the stated channel’s bottom line, close to the 0.6600 round figure, could quickly fetch the Aussie bears to the 61.8% Fibonacci retracement level of near 0.6550.

AUD/USD: Daily chart

Trend: Gradual downside expected

Additional important levels

Overview
Today last price 0.6629
Today Daily Change 0.0007
Today Daily Change % 0.11%
Today daily open 0.6622
 
Trends
Daily SMA20 0.6679
Daily SMA50 0.6685
Daily SMA100 0.6787
Daily SMA200 0.6716
 
Levels
Previous Daily High 0.6668
Previous Daily Low 0.6605
Previous Weekly High 0.6818
Previous Weekly Low 0.6636
Previous Monthly High 0.6806
Previous Monthly Low 0.6574
Daily Fibonacci 38.2% 0.6629
Daily Fibonacci 61.8% 0.6644
Daily Pivot Point S1 0.6596
Daily Pivot Point S2 0.6569
Daily Pivot Point S3 0.6533
Daily Pivot Point R1 0.6658
Daily Pivot Point R2 0.6694
Daily Pivot Point R3 0.6721

 

 

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