AUD/USD Technical Analysis: AUD is proving key trendline support

AUD/USD is currently chipping away at the trendline connecting the Nov. 13 and Nov. 27 low.
A close below that level would confirm that the pair has topped out at the 200-day MA on Dec. 3 and would open the doors for a deeper drop to 0.71.
The 14-day relative strength index (RSI) has dropped into bearish territory below 50.00 and the 5-day and 10-day moving averages (MAs) are beginning to slope downwards. So, the pair could close below the key trendline support today.
The breakdown, however, may happen after a minor bounce as the RSI on both the hourly and 4-hour chart is reporting oversold conditions.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bearish

AUD/USD

Overview:
    Today Last Price: 0.7221
    Today Daily change: -48 pips
    Today Daily change %: -0.660%
    Today Daily Open: 0.7269
Trends:
    Previous Daily SMA20: 0.7267
    Previous Daily SMA50: 0.7185
    Previous Daily SMA100: 0.724
    Previous Daily SMA200: 0.7416
Levels:
    Previous Daily High: 0.7356
    Previous Daily Low: 0.7259
    Previous Weekly High: 0.7345
    Previous Weekly Low: 0.7199
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.7296
    Previous Daily Fibonacci 61.8%: 0.7319
    Previous Daily Pivot Point S1: 0.7233
    Previous Daily Pivot Point S2: 0.7198
    Previous Daily Pivot Point S3: 0.7136
    Previous Daily Pivot Point R1: 0.733
    Previous Daily Pivot Point R2: 0.7392
    Previous Daily Pivot Point R3: 0.7428

Author

Omkar Godbole

FXStreet Contributor

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

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.