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.

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