AUD/USD Price Analysis: Test of a fresh two-year low at 0.6360 looks imminent


  • Aussie bulls to test the two-year low at 0.6360.
  • A bear cross, represented by the 20-and 50-EMAs adds to the downside filters.
  • The antipodean has failed to capitalize on the recent DXY's correction.

The AUD/USD pair has rebounded sharply in the Tokyo session after dropping below 0.6400. The rebound move is still a pullback after a healthy decline and should not be considered a reversal for now. Last week, the aussie bulls found a cap at around 0.6530, the level is expected to remain a key hurdle if the asset extends its recovery.

On an hourly scale, the aussie bulls are expected to re-test their two-year low placed at 0.6363, recorded on Wednesday. Traders should be aware of the fact that a recent corrective action in the US dollar index (DXY) is not enjoyed by the commodity-linked currencies while the shared continent and pound region have performed extremely better. Therefore, a pullback move in the DXY will result in a plunge in the antipodean.

The 20-and 50-period Exponential Moving Averages (EMAs) have delivered a bear cross around 0.6480, which indicates more weakness ahead.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00-40.00 but is trying to overstep 40.00.

A drop below the two-year low at 0.6363 will drag the asset towards the 16 April 2020 low at 0.6264, followed by the round-level support at 0.6100.

On the flip side, a break above the previous week’s high at 0.6538 will drive the asset towards and September 22 high at 0.6670 and September 18 high at 0.6734.

AUD/USD hourly chart

AUD/USD

Overview
Today last price 0.642
Today Daily Change 0.0018
Today Daily Change % 0.28
Today daily open 0.6402
 
Trends
Daily SMA20 0.6661
Daily SMA50 0.6834
Daily SMA100 0.6904
Daily SMA200 0.7076
 
Levels
Previous Daily High 0.6524
Previous Daily Low 0.6392
Previous Weekly High 0.6538
Previous Weekly Low 0.6363
Previous Monthly High 0.6916
Previous Monthly Low 0.6363
Daily Fibonacci 38.2% 0.6442
Daily Fibonacci 61.8% 0.6473
Daily Pivot Point S1 0.6355
Daily Pivot Point S2 0.6307
Daily Pivot Point S3 0.6222
Daily Pivot Point R1 0.6487
Daily Pivot Point R2 0.6572
Daily Pivot Point R3 0.6619

 

 

 

 

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