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.

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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD below 1.1200 on Draghi's dovishness, amid Trump-Xi meeting announcement

EUR/USD is trading below 1.1200 after ECB President Draghi opened the door to rate cuts. Presidents Trump and Xi will hold an extended meeting at the G-20 Summit. The news cheered markets.

EUR/USD News

GBP/USD hovers above 5-month lows ahead of Conservative leadership contest

GBP/USD is hovering above 1.2500, close to the five-month lows. Conservatives will vote in the second round of their leadership contest. Boris Johnson is set to win again.

GBP/USD News

USD/JPY rallies beyond mid-108.00s on Trump's positive comments

Trump said he will have an extended meeting with the Chinese President next week. This comes on the back of Draghi's dovish comments and triggers risk-on trade. Fading safe-haven demand weighs heavily on the JPY and remained supportive.

USD/JPY News

Gold surges through $1350 level, back closer to 14-month tops

Gold built on its strong intraday positive momentum and spiked to fresh session tops, beyond the $1350 level during the early North-American session.

Gold News

Fed Preview: Proto-easing

Fed Funds 2.25%-2.50% target range predicted to be unchanged. Market expecting confirmation of easing bias into the second half. FOMC statement wording, especially "patient" and the economic projections important.

Read more

Majors

Cryptocurrencies

Signatures