AUD/USD technical analysis: Attempted recovery might now confront fresh supply near 0.6830 region

The ongoing downfall finds some support near the 0.6780 congestion zone.
The near-term set-up might be gradually shifting in favour of bearish traders.

Haresh Menghani FXStreet

The AUD/USD pair extended this week's rejection slide from just ahead of the 0.6900 round-figure mark and remained under some heavy selling pressure for the second consecutive day on Thursday.

The intraday downfall dragged the pair to over two-week lows, albeit now seems to have found some support near the 0.6780-75 region - marking the 61.8% Fibo. level of the 0.7082-0.6677 downfall.

The mentioned region coincides with a previous congestion zone and should now act as a key pivotal point for short-term traders, which if broken might negate prospects for any near-term recovery.

Meanwhile, technical indicators on hourly charts have been recovering within the bearish territory but have just started gaining negative traction on the daily charts, pointing to further weakness.

However, it will be prudent to wait for a sustained breakthrough the mentioned support zone before positioning for a fall towards the 0.6700 handle en-route multi-year lows, near the 0.6677 region.

On the flip side, any meaningful recovery move might now confront some fresh supply and seems more likely to remain capped near the 38.2% Fibo. level support breakpoint – around the 0.6830 region.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.6803
Today Daily Change	-0.0025
Today Daily Change %	-0.37
Today daily open	0.6828

Trends
Daily SMA20	0.6803
Daily SMA50	0.6847
Daily SMA100	0.6898
Daily SMA200	0.7008

Levels
Previous Daily High	0.687
Previous Daily Low	0.6812
Previous Weekly High	0.6895
Previous Weekly Low	0.6837
Previous Monthly High	0.6869
Previous Monthly Low	0.6676
Daily Fibonacci 38.2%	0.6834
Daily Fibonacci 61.8%	0.6848
Daily Pivot Point S1	0.6803
Daily Pivot Point S2	0.6779
Daily Pivot Point S3	0.6745
Daily Pivot Point R1	0.6861
Daily Pivot Point R2	0.6895
Daily Pivot Point R3	0.6919

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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