AUD/USD Price Analysis: Support-turned-resistance probes RBA-led gains near 0.6930

AUD/USD retreats from previous support line, pares the first daily gains in four while bouncing off the key support confluence.
RBA-inspired gains join 0.6860-65 support confluence to portray recovery moves.
Bearish MACD signals, failure to cross support-turned-resistance tease Aussie pair bears.
RBA’s hawkish move failed to impress Aussie bulls for long amid talks of easing inflation.

Anil Panchal FXStreet

AUD/USD pares intraday gains around 0.6930 as bulls struggle near the short-term key hurdle heading into Tuesday’s European session. In doing so, the Aussie pair fades the bounce off a one-month low while snapping a three-day downtrend.

That said, the Reserve Bank of Australia’s (RBA) 0.25% rate hike, as expected, underpinned the AUD/USD pair’s rebound from the 0.6860-65 support confluence comprising the 50-DMA and 61.8% Fibonacci retracement of its June-October 2022 downside.

Also read: AUD/USD Outlook: Bulls look to seize back control on RBA’s hawkish outlook

It’s worth noting, however, that the mentioning of the fears of receding inflation fears and the inability to cross the support-turned-resistance line from early November 2022, close to 0.6930 by the press time, challenges the AUD/USD pair buyers.

In a case where the Aussie pair stays firmer past 0.6930, the odds of its run-up toward the 0.7000 psychological magnet can’t be ruled out. However, highs marked during August 2022 and the monthly top, close to 0.7135 and 0.7160 in that order, could challenge the AUD/USD bulls afterward.

Meanwhile, AUD/USD pullback remains elusive unless breaking the 0.6860 support confluence.

Even so, the 200-DMA support, around 0.6810 by the press time, could challenge the Aussie pair sellers. Also acting as the downside filter is the 0.6800 threshold, a break of which could quickly drag prices toward January’s low near 0.6685.

AUD/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.693
Today Daily Change	0.0045
Today Daily Change %	0.65%
Today daily open	0.6885

Trends
Daily SMA20	0.7002
Daily SMA50	0.6856
Daily SMA100	0.6672
Daily SMA200	0.681

Levels
Previous Daily High	0.6948
Previous Daily Low	0.6856
Previous Weekly High	0.7158
Previous Weekly Low	0.6919
Previous Monthly High	0.7143
Previous Monthly Low	0.6688
Daily Fibonacci 38.2%	0.6891
Daily Fibonacci 61.8%	0.6913
Daily Pivot Point S1	0.6844
Daily Pivot Point S2	0.6803
Daily Pivot Point S3	0.6751
Daily Pivot Point R1	0.6937
Daily Pivot Point R2	0.6989
Daily Pivot Point R3	0.703

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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