AUD/USD Technical Analysis: 0.7070 support back on sight

A break of month-long ascending trend-line (TL) shifts AUD/USD traders’ focus back to 0.7075-70 support-zone as it encompasses late December highs and January lows.
Should the pair drop beneath 0.7070, bears may get additional strength in targeting 0.7015 and 0.7000 supports while 0.6980 and 0.6925 be in their radars afterwards.
Alternatively, the 0.7100 round figure can keep limiting near-term upside with the 0.7145 and the 0.7180 acting as following resistances past-0.7100.
During the pair’s extended rise above 0.7180, 0.7200 and immediate resistance-line, at 0.7250, might offer intermediate halt prior to highlighting previous month of 0.7295.
While a sustained downturn under TL support signals further declines, oversold levels of 14-bar relative strength index (RSI) disturbs the outlook and requires a confirmation.

Anil Panchal FXStreet

AUD/USD 4-hour chart

AUD/USD

Overview:
    Today Last Price: 0.7099
    Today Daily change: -20 pips
    Today Daily change %: -0.28%
    Today Daily Open: 0.7119
Trends:
    Daily SMA20: 0.7184
    Daily SMA50: 0.7165
    Daily SMA100: 0.7172
    Daily SMA200: 0.7287
Levels:
    Previous Daily High: 0.7246
    Previous Daily Low: 0.7109
    Previous Weekly High: 0.7296
    Previous Weekly Low: 0.7138
    Previous Monthly High: 0.7296
    Previous Monthly Low: 0.6684
    Daily Fibonacci 38.2%: 0.7161
    Daily Fibonacci 61.8%: 0.7194
    Daily Pivot Point S1: 0.707
    Daily Pivot Point S2: 0.7021
    Daily Pivot Point S3: 0.6933
    Daily Pivot Point R1: 0.7207
    Daily Pivot Point R2: 0.7295
    Daily Pivot Point R3: 0.7344

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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