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