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AUD/USD Price Analysis: Well set for further downside past 0.6650 on RBA Day

  • AUD/USD stays defensive after reversing from 12-day-old resistance line.
  • Failure to cross previous support line, easing bullish bias of MACD signals favors Aussie pair sellers.
  • RBA is expected to keep monetary policy intact but a surprise move could propel prices beyond 200-SMA key hurdle.

AUD/USD portrays pre-RBA consolidation as it prints mild losses around 0.6630 during early Tuesday. In doing so, the Aussie pair defends the previous day’s U-turn from a two-week-old resistance line ahead of the Reserve Bank of Australia (RBA) Interest Rate Decision.

Also read: AUD/USD eases towards 0.6600 with eyes on RBA Interest Rate Decision

Not only the AUD/USD pair’s U-turn from a short-term resistance line but the inability to cross the previous support line from early March, now immediate resistance near 0.6655, also keeps the Aussie pair sellers hopeful. 

Furthermore, the MACD signals appear losing bullish bias and hence the downside move can’t be ignored. However, it all depends upon the RBA’s readiness to match the market forecasts of announcing no change to its current monetary policy.

That said, the 0.6600 round figures can lure intraday sellers of the AUD/USD pair before the latest swing low near 0.6575.

However, the yearly low marked in March, around 0.6565, as well as the 0.6530-25 support zone comprising tops marked in October-November 2022, will be important to watch afterward.

Meanwhile, the support-turned-resistance line joins the 61.8% Fibonacci retracement levels of the pair’s March-April upside, close to 0.6655-60, to restrict the immediate upside of the AUD/USD pair.

Following that, the 200-SMA and the 50% Fibonacci retracement level could challenge the Aussie pair buyers near 0.6685-90.

AUD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price0.6625
Today Daily Change-0.0005
Today Daily Change %-0.08%
Today daily open0.663
 
Trends
Daily SMA200.6683
Daily SMA500.6692
Daily SMA1000.6792
Daily SMA2000.6735
 
Levels
Previous Daily High0.6668
Previous Daily Low0.6607
Previous Weekly High0.6706
Previous Weekly Low0.6574
Previous Monthly High0.6806
Previous Monthly Low0.6574
Daily Fibonacci 38.2%0.6645
Daily Fibonacci 61.8%0.6631
Daily Pivot Point S10.6603
Daily Pivot Point S20.6575
Daily Pivot Point S30.6542
Daily Pivot Point R10.6663
Daily Pivot Point R20.6696
Daily Pivot Point R30.6724

Author

Anil Panchal

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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