AUD/USD Price Analysis: Teases weekly support line, 200-HMA amid downbeat sentiment

AUD/USD fails to respect highly positive Aussie employment report as risk dwindles.
One-week-old horizontal support can add to the downside filters, 0.7340/45 becomes the key resistance.

Anil Panchal FXStreet

AUD/USD remains depressed near 0.7290, down 0.10% intraday, during the early Thursday. The pair earlier bounced off an intraday low after Australia’s October month employment data offered a positive surprise. However, the risk-off mood recalled the sellers as the coronavirus (COVID-19) fears joined the Brexit jitters and the angst against China’s stand in Hong Kong.

Read: S&P 500 Futures wobble near one-week low amid fresh risk negatives

Technically, sellers attack an upward sloping trend line from November 13, as well as 200-HMA.

Considering the risk-off mood joining the bearish MACD, the quote is likely to stay tilted towards the south, by breaking immediate supports around 0.7290/85.

Following that, an area including the last Thursday’s high and the previous day’s low near 0.7270 can entertain the traders ahead of directing them towards 0.7220.

Meanwhile, 0.7300 round-figures and the recent high around 0.7330 can probe the quote’s short-term bounce ahead of highlighting the 0.7340/45 area comprising the highs marked since mid-September.

AUD/USD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7293
Today Daily Change	-8 pips
Today Daily Change %	-0.11%
Today daily open	0.7301

Trends
Daily SMA20	0.719
Daily SMA50	0.7177
Daily SMA100	0.716
Daily SMA200	0.6834

Levels
Previous Daily High	0.7332
Previous Daily Low	0.7272
Previous Weekly High	0.734
Previous Weekly Low	0.722
Previous Monthly High	0.7244
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7295
Daily Fibonacci 61.8%	0.7309
Daily Pivot Point S1	0.7271
Daily Pivot Point S2	0.7241
Daily Pivot Point S3	0.7211
Daily Pivot Point R1	0.7332
Daily Pivot Point R2	0.7362
Daily Pivot Point R3	0.7392

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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