AUD/USD technical analysis: Flirting with 200-hour EMA support near 0.70 handle

The AUD/USD pair extended the previous session's retracement slide from near two-week tops and remained under some selling pressure for the second consecutive session on Wednesday.
The downfall has now dragged the pair to 100-hour EMA, with bears now eyeing a follow-through selling below the key 0.70 psychological mark amid resurfacing US-China trade tensions.

Haresh Menghani FXStreet

Sustained break through a support marked by 38.2% Fibo. retracement level of the 0.6910-0.7045 recent up-move will be seen as a key trigger for bearish traders and set the stage for a subsequent slide towards the 0.6975-70 region.

Meanwhile, technical indicators on hourly charts have been gaining negative traction and support prospects for a further decline, albeit bullish oscillators on the daily chart warrant some caution before placing aggressive bets.

A follow-through selling might turn the pair vulnerable to head towards challenging the 0.6900 handle before the pair eventually resumes its prior/well-established bearish trend and aim back towards testing support near mid-0.6800s.

On the flip side, the 0.7045-50 region might continue to act as a strong resistance, which if cleared will negate any near-term bearish bias and set the stage for further appreciating move towards reclaiming the 0.7100 handle.

AUD/USD 1-hourly chart

AUD/USD

Overview
Today last price	0.7
Today Daily Change	-0.0012
Today Daily Change %	-0.17
Today daily open	0.7012

Trends
Daily SMA20	0.6978
Daily SMA50	0.695
Daily SMA100	0.702
Daily SMA200	0.7092

Levels
Previous Daily High	0.7045
Previous Daily Low	0.7009
Previous Weekly High	0.7026
Previous Weekly Low	0.6909
Previous Monthly High	0.7026
Previous Monthly Low	0.6831
Daily Fibonacci 38.2%	0.7023
Daily Fibonacci 61.8%	0.7031
Daily Pivot Point S1	0.6999
Daily Pivot Point S2	0.6986
Daily Pivot Point S3	0.6963
Daily Pivot Point R1	0.7035
Daily Pivot Point R2	0.7058
Daily Pivot Point R3	0.7071

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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