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.

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

fxsoriginal

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

 

 

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures