AUD/USD Price Analysis: Weekly resistance line probes buyers below 0.7000

AUD/USD dribbles around intraday high during the first positive day in five.
RSI rebound, bullish MACD signals hint at further recovery from monthly low.
Descending trend line from late Wednesday appears a tough nut to crack for buyers.
Bears need to break immediate support to retake control.

Anil Panchal FXStreet

AUD/USD fades rebound from monthly low as it retreats to 0.6950 heading into Tuesday’s European session.

In doing so, the Aussie pair jostles with a downward sloping resistance line from Friday, around 0.6970 by the press time.

However, bullish MACD signals and the RSI (14) recovery from the oversold territory hints at the AUD/USD pair’s further rebound.

That said, the 0.7000 psychological magnet and the 50-HMA level near 0.7015 seem to lure the pair buyers.

Following that, a one-week-long resistance line, close to 0.7050 at the latest, will be crucial for the AUD/USD bulls to watch.

Meanwhile, fresh downside needs validation from an immediate support line surrounding 0.6930, as well as the 0.6900 round figure, before directing AUD/USD bears towards the yearly low near 0.6830, marked in May.

Should the quote remains bearish past 0.6830, March 2020 high near 0.6685 will gain the market’s attention.

AUD/USD: Hourly chart

Trend: Further recovery expected

AUD/USD

Overview
Today last price	0.696
Today Daily Change	0.0037
Today Daily Change %	0.53
Today daily open	0.6923

Trends
Daily SMA20	0.7119
Daily SMA50	0.7183
Daily SMA100	0.7226
Daily SMA200	0.725

Levels
Previous Daily High	0.7056
Previous Daily Low	0.6911
Previous Weekly High	0.7248
Previous Weekly Low	0.7036
Previous Monthly High	0.7267
Previous Monthly Low	0.6828
Daily Fibonacci 38.2%	0.6966
Daily Fibonacci 61.8%	0.7001
Daily Pivot Point S1	0.687
Daily Pivot Point S2	0.6817
Daily Pivot Point S3	0.6724
Daily Pivot Point R1	0.7016
Daily Pivot Point R2	0.7109
Daily Pivot Point R3	0.7161

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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