AUD/USD Price Analysis: The key barrier is seen at the 0.6600 area

AUD/USD struggles to gain and hovers around 0.6555, up 0.16% for the day.
The pair trades below the 50- and 100-hour EMAs; the Relative Strength Index (RSI) stands below 50.
The key resistance level for AUD/USD will emerge at 0.6600; 0.6500 acts as an initial support level.

Lallalit Srijandorn FXStreet

The AUD/USD pair remains on the defensive around 0.6555 in the Asian trading hours on Wednesday. The prevalent US Dollar buying bias is supported by the headlines surrounding the US-China relationship.

That said, the US government intends to target only Chinese companies that generate more than 50% of their revenue from quantum computation and artificial intelligence (AI). However, US President Joe Biden is expected to issue an executive order this week about the restriction, according to Bloomberg. The positive development between the world’s two largest economies might benefit the China-proxy Australian Dollar (AUD) and act as a headwind for the AUD/USD pair.

According to the four-hour chart, AUD/USD trades below the 50- and 100-hour Exponential Moving Averages (EMAs), highlighting that the path of least resistance for the pair is to the downside.

The key resistance level for AUD/USD will emerge at 0.6600, indicating a confluence of the upper boundary of the Bollinger Band, a high of August 4, and a 50-hour EMA. A break above the latter will see the next upside stop at 0.6625 (low of July 28) en route to 0.6650 (100-hour EMA). The additional upside filter is located at 0.6700 (high of July 31, a round figure).

On the flip side, 0.6500 acts as an initial support level for the pair, portraying the lower limit of the Bollinger Band, a low of August 3, and a psychological round mark. Any intraday pullback below the latter would expose the next contention level at 0.6460 (low of May 31) Further south, the next stop of the AUD/USD is located at 0.6400 (the confluence of a psychological round figure and the low of November 2022).

It’s worth noting that the Relative Strength Index (RSI) stands below 50, challenging the pair’s immediate downside for the time being.

AUD/USD four-hour chart

AUD/USD

Overview
Today last price	0.6554
Today Daily Change	0.0010
Today Daily Change %	0.15
Today daily open	0.6544

Trends
Daily SMA20	0.6709
Daily SMA50	0.6703
Daily SMA100	0.6687
Daily SMA200	0.6735

Levels
Previous Daily High	0.6576
Previous Daily Low	0.6496
Previous Weekly High	0.674
Previous Weekly Low	0.6514
Previous Monthly High	0.6895
Previous Monthly Low	0.6599
Daily Fibonacci 38.2%	0.6527
Daily Fibonacci 61.8%	0.6546
Daily Pivot Point S1	0.6501
Daily Pivot Point S2	0.6459
Daily Pivot Point S3	0.6422
Daily Pivot Point R1	0.6581
Daily Pivot Point R2	0.6619
Daily Pivot Point R3	0.6661

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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