AUD/USD is currently chipping away at the lower edge of the 4-hour chart falling channel, currently at 0.7166.
Earlier today, RBA's Lowe shifted the forward guidance to neutral by putting rate cuts back on the table. In response, the Aussie has dropped sharply across the board.
The AUD/USD pair has shed more than 70 pips in the last 60 minutes and could slide further toward 0.7138 (support of Jan. 28 low) if the channel support of 0.7166 fails to hold ground.
1-hour chart
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As seen above, the RSI has hit the oversold territory below 30.00. Hence, a minor bounce could be in the offing, before a potential sell-off toward 0.7138.
It is worth noting that the European FX desks are yet to respond to RBA's change of attitude on interest rates. Put simply, another wave of selling could hit the AUD pairs in European hours.
Trend: bearish
AUD/USD
Overview:
Today Last Price: 0.7173
Today Daily change: -63 pips
Today Daily change %: -0.87%
Today Daily Open: 0.7236
Trends:
Daily SMA20: 0.7187
Daily SMA50: 0.7169
Daily SMA100: 0.7174
Daily SMA200: 0.7289
Levels:
Previous Daily High: 0.7265
Previous Daily Low: 0.7194
Previous Weekly High: 0.7296
Previous Weekly Low: 0.7138
Previous Monthly High: 0.7296
Previous Monthly Low: 0.6684
Daily Fibonacci 38.2%: 0.7238
Daily Fibonacci 61.8%: 0.7221
Daily Pivot Point S1: 0.7198
Daily Pivot Point S2: 0.716
Daily Pivot Point S3: 0.7126
Daily Pivot Point R1: 0.7269
Daily Pivot Point R2: 0.7303
Daily Pivot Point R3: 0.7341
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