AUD/USD Price Analysis: The market struggles again at 0,70

AUD/USD is trading 0.21% lower on Friday.
There is a big consolidation period between 0.7064 and 0.6775.

Rajan Dhall, MSTA FX Daily

AUD/USD 4-hour chart

AUD/USD is in full consolidation mode at the moment. The key level now on the upside is the yellow horizontal line at 0.70. If the resistance breaks then the red high on the chart of 0.7064 could be the next target for the bulls. AUD has really been up against it at the moment. The COVID-19 cases are rising and relations with China are turning sour. This comes after the government offers citizens in Hong Kong eaier access to residency.

On the downside, the purple diagonal trendline could be a support zone. But the two main support areas are the horizontal lines at 0.69 and 0.6775. The Relative Strength Index is making a bullish failure swing. This is when the price makes a higher low wave but the Relative Strength Index makes a lower low wave. The MACD histogram is currently in the red but the signal lines are still above the mid-point which is a bullish sign.

Additional levels

AUD/USD

Overview
Today last price	0.6949
Today Daily Change	-0.0015
Today Daily Change %	-0.22
Today daily open	0.6964

Trends
Daily SMA20	0.6906
Daily SMA50	0.6747
Daily SMA100	0.6524
Daily SMA200	0.6676

Levels
Previous Daily High	0.7001
Previous Daily Low	0.695
Previous Weekly High	0.6953
Previous Weekly Low	0.6832
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.6969
Daily Fibonacci 61.8%	0.6981
Daily Pivot Point S1	0.6942
Daily Pivot Point S2	0.692
Daily Pivot Point S3	0.689
Daily Pivot Point R1	0.6994
Daily Pivot Point R2	0.7023
Daily Pivot Point R3	0.7045

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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