AUD/USD technical analysis: Bears remain in control, challenge 61.8% Fibo. support ahead of US GDP

The bearish pressure surrounding the AUD/USD pair remained unabated on Friday, with bears eyeing a move towards challenging monthly lows.
The overnight slide below the 0.6960-55 confluence support was seen as a key trigger for bearish traders and a follow-through slide on Friday.

Haresh Menghani FXStreet

The mentioned support breakpoint comprises of 50-day SMA and 50% Fibo. level of the 0.6831-0.7082 recent up-move and should now act as a key barrier/pivotal point for any meaningful recovery for the major.

Meanwhile, oversold conditions on hourly charts seemed to be the only factor holding investors from placing any fresh bearish bets and helped the pair to find some support near 61.8% Fibo. level, at least for now.

However, oscillators on the daily chart have just started gaining negative momentum and support prospects for a further depreciating move, albeit traders are likely to wait for Friday’s important release of the US Q2 GDP report.

A convincing breakthrough might now turn the pair vulnerable to break through the 0.6900 handle and accelerate the slide further towards the 0.6865 intermediate support en-route multi-month lows, around the 0.6830 region.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.693
Today Daily Change	-0.0021
Today Daily Change %	-0.30
Today daily open	0.6951

Trends
Daily SMA20	0.7
Daily SMA50	0.6958
Daily SMA100	0.7015
Daily SMA200	0.7088

Levels
Previous Daily High	0.6985
Previous Daily Low	0.6942
Previous Weekly High	0.7082
Previous Weekly Low	0.6996
Previous Monthly High	0.7026
Previous Monthly Low	0.6831
Daily Fibonacci 38.2%	0.6958
Daily Fibonacci 61.8%	0.6969
Daily Pivot Point S1	0.6934
Daily Pivot Point S2	0.6916
Daily Pivot Point S3	0.6891
Daily Pivot Point R1	0.6977
Daily Pivot Point R2	0.7002
Daily Pivot Point R3	0.702

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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