AUD/USD Price Analysis: Takes offers at fresh monthly low, 0.7225-20 in focus


  • AUD/USD extends losses to renews multi-day low, ignores oversold RSI conditions.
  • Bearish MACD, sustained trading below 61.8% Fibonacci retracement level directs sellers to two-month-old horizontal support.

AUD/USD remains on the back foot for the second consecutive day, refreshing monthly low to 0.7262 heading into Wednesday’s European session.

In doing so the Aussie pair extends pullback from a convergence of a fortnight-long resistance line and 50-SMA below the 61.8% Fibonacci retracement (Fibo.) of late September-October upside.

Given the bearish MACD signals favor AUD/USD sellers, the quote’s further declines towards a horizontal area comprising multiple lows marked since September 20, around 0.7225-20, can’t be ruled out.

However, the pair’s further weakness will be challenged by the oversold RSI conditions, which if ignored could drag the September’s low of 0.7170.

Meanwhile, the corrective pullback may eye the 61.8% Fibo. level of 0.7317 but remains ineffective until crossing the 0.7355 resistance confluence.

Even if the AUD/USD buyers manage to cross the 0.7355 hurdle, the 200-SMA around 0.7400 will be in focus.

AUD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.7268
Today Daily Change -0.0028
Today Daily Change % -0.38%
Today daily open 0.7296
 
Trends
Daily SMA20 0.7431
Daily SMA50 0.7361
Daily SMA100 0.7365
Daily SMA200 0.7541
 
Levels
Previous Daily High 0.7369
Previous Daily Low 0.7292
Previous Weekly High 0.7432
Previous Weekly Low 0.7275
Previous Monthly High 0.7557
Previous Monthly Low 0.7191
Daily Fibonacci 38.2% 0.7321
Daily Fibonacci 61.8% 0.7339
Daily Pivot Point S1 0.7269
Daily Pivot Point S2 0.7241
Daily Pivot Point S3 0.7191
Daily Pivot Point R1 0.7346
Daily Pivot Point R2 0.7396
Daily Pivot Point R3 0.7424

 

 

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