AUD/USD Price Analysis: Vulnerable below ascending trend-line, 100-hour SMA confluence region


  • AUD/USD remains depressed for the second consecutive session on Wednesday.
  • The near-term technical set-up might have already shifted back in favour of bears.

The AUD/USD pair extended the previous day's retracement slide from two-week tops – levels beyond the 0.6200 mark – and edged lower for the second consecutive session on Wednesday.

The downward momentum dragged the pair below an important confluence support, around the 0.6100 mark, which comprised of a near two-week-old ascending trend-line and 100-hour SMA.

Given that technical indicators on the daily chart maintained their bearish bias and have again started gaining negative momentum on hourly charts, the set-up seems tilted in favour of bearish traders.

Hence, a subsequent fall, towards testing the 0.6025-20 intermediate support en-route the key 0.60 psychological mark, now looks a distinct possibility amid resurgent USD demand.

Some follow-through selling might turn the pair vulnerable to extend the downward trajectory further towards challenging its next horizontal support near mid-0.5900s.

On the flip side, any attempted recovery is likely to confront some fresh supply and remain capped near the mentioned confluence support breakpoint, now turned stiff resistance.

AUD/USD 1-hourly chart

fxsoriginal

Technical levels to watch

AUD/USD

Overview
Today last price 0.6073
Today Daily Change -0.0057
Today Daily Change % -0.93
Today daily open 0.613
 
Trends
Daily SMA20 0.618
Daily SMA50 0.6485
Daily SMA100 0.6677
Daily SMA200 0.6762
 
Levels
Previous Daily High 0.6214
Previous Daily Low 0.607
Previous Weekly High 0.62
Previous Weekly Low 0.57
Previous Monthly High 0.6686
Previous Monthly Low 0.5509
Daily Fibonacci 38.2% 0.6125
Daily Fibonacci 61.8% 0.6159
Daily Pivot Point S1 0.6062
Daily Pivot Point S2 0.5994
Daily Pivot Point S3 0.5918
Daily Pivot Point R1 0.6206
Daily Pivot Point R2 0.6282
Daily Pivot Point R3 0.635

 

 

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