AUD/USD technical analysis: Approaching key support at 0.6899

AUD/USD's daily chart is biased toward the bears.
The pair looks set to violate the bullish higher low pattern with a move below 0.6899.

Omkar Godbole FXStreet Contributor

AUD/USD is closing on 0.6899 – a bullish higher low created on May 30 – having dived out of an ascending trendline on Wednesday.

The currency pair is currently trading at 0.6912, representing a 0.20% drop on the day.

The pair closed at 0.6928 on Wednesday, confirming a downside break of the trendline trending higher from May 23 and May 31 lows.

The violation of the rising trendline is preceded by rejection at the 50-day moving average and is accompanied by a bearish crossover of the 5- and 10-day moving averages (MAs).

Add to that, risk aversion in equities and an uptick in Australia's underemployment rate in May, and the spot looks set for a drop below 0.6899. That would further bolster the bearish setup and allow retest of the recent low of 0.6865.

Daily chart

Trend: Bearish

Technical levels

AUD/USD

Overview
Today last price	0.6912
Today Daily Change	-0.0012
Today Daily Change %	-0.17
Today daily open	0.6928

Trends
Daily SMA20	0.6931
Daily SMA50	0.7013
Daily SMA100	0.7066
Daily SMA200	0.7118

Levels
Previous Daily High	0.6964
Previous Daily Low	0.6924
Previous Weekly High	0.7022
Previous Weekly Low	0.6927
Previous Monthly High	0.7062
Previous Monthly Low	0.6862
Daily Fibonacci 38.2%	0.6939
Daily Fibonacci 61.8%	0.6949
Daily Pivot Point S1	0.6913
Daily Pivot Point S2	0.6899
Daily Pivot Point S3	0.6873
Daily Pivot Point R1	0.6953
Daily Pivot Point R2	0.6979
Daily Pivot Point R3	0.6993

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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