AUD/USD technical analysis: 21-DMA, 23.6% Fibo. question buyers

The Aussie pair carries previous strength on commodity rally, led by Gold.
A 21-day simple moving average (21-DMA) and 23.6% Fibonacci retracement of recent five-month decline cap the upside.

Anil Panchal FXStreet

With the extend run-up of commodity prices, more specifically Gold’s surge to 69 months high, the AUD/USD pair manages to remain strong around a week’s top while taking the rounds to 0.6930 during early Friday.

However, the 0.6931/40 area comprising 21-DMA and 23.6% Fibonacci retracement acts as an immediate challenge for the buyers.

On the upside break of 0.6940, early-month lows near 0.6960/65 and 50-DMA level of 0.6980 may come back on the chart.

Should bulls hold the reins past-0.6980, 38.2% Fibonacci retracement near 0.7010 and 0.7050 can become their favorites.

Meanwhile, 0.6900 and 0.6860 holds the pair for the pair’s drop towards revisiting month’s low near 0.6830.

AUD/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6932
Today Daily Change	10 pips
Today Daily Change %	0.14%
Today daily open	0.6922

Trends
Daily SMA20	0.6931
Daily SMA50	0.6984
Daily SMA100	0.7048
Daily SMA200	0.711

Levels
Previous Daily High	0.6936
Previous Daily Low	0.6877
Previous Weekly High	0.7009
Previous Weekly Low	0.6861
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6914
Daily Fibonacci 61.8%	0.69
Daily Pivot Point S1	0.6887
Daily Pivot Point S2	0.6853
Daily Pivot Point S3	0.6828
Daily Pivot Point R1	0.6946
Daily Pivot Point R2	0.6971
Daily Pivot Point R3	0.7006

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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