AUD/USD Price Analysis: Trims gains as Tuesday’s Doji probes run-up to 0.8000

AUD/USD refreshes the multi-month top before declining from 0.7945.
Overbought RSI, bearish candlestick formation test further upside.
Sellers target tops marked during April 2018 and January 2021.

Anil Panchal FXStreet

AUD/USD extends pullback from fresh 36-month high while declining to 0.7915 ahead of Wednesday’s European session. In doing so, the quote respects overbought RSI conditions and Doji candlestick formation flashed the previous day.

As a result, counter-trend traders eye further consolidation of the latest gains towards 0.7815-20 horizontal area, comprising highs marked in early 2018 and during the last month.

However, any further weakness will be challenged by a 10-day SMA and a three-week-old ascending trend line, respectively around 0.7820 and 0.7800.

Meanwhile, bulls need to reject the downtrend suggesting candlestick formation by a daily closing above 0.7940 to keep the reins.

Following that, February 2018 peak surrounding 0.7990 can test the run-up targeting the 0.8000 threshold.

To sum up, AUD/USD is up for a brief pullback before marking further upside.

AUD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7917
Today Daily Change	3 pips
Today Daily Change %	0.04%
Today daily open	0.7914

Trends
Daily SMA20	0.7727
Daily SMA50	0.7701
Daily SMA100	0.7481
Daily SMA200	0.7267

Levels
Previous Daily High	0.7936
Previous Daily Low	0.788
Previous Weekly High	0.7878
Previous Weekly Low	0.7724
Previous Monthly High	0.782
Previous Monthly Low	0.7592
Daily Fibonacci 38.2%	0.7914
Daily Fibonacci 61.8%	0.7901
Daily Pivot Point S1	0.7884
Daily Pivot Point S2	0.7853
Daily Pivot Point S3	0.7827
Daily Pivot Point R1	0.794
Daily Pivot Point R2	0.7966
Daily Pivot Point R3	0.7997

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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