AUD/USD Technical Analysis: Flirting with 38.2% Fib support

AUD/USD is flirting with key Fibonacci support for the third straight day.
A minor bounce to 0.6960 could be in the offing.

Omkar Godbole FXStreet Contributor

AUD/USD is defending key support for the third day and may witness a minor corrective bounce with signs of risk reset in the financial markets.

The currency pair is currently trading at 0.6932, which is the 38.2% Fibonacci retracement of the rally from the Nov. 29 low and Jan. 1 high.

The sellers failed to secure a daily close below the Fibonacci support on Friday and Monday.

The pair may bounce to 0.6960 if the Fibonacci support holds ground for the third straight day - more so, as the US stocks eked out moderate gains on Monday, shrugging off the escalating tensions in the Middle East.

A break above 0.6960 would confirm an end of the pullback and will likely fuel rise to a recent rise above 0.7040.

On the downside, a daily close below 0.6932 would bolster the short-term bearish case.

Daily chart

Trend: Bearish below 0.6932

Technical levels

AUD/USD

Overview
Today last price	0.6938
Today Daily Change	-0.0002
Today Daily Change %	-0.03
Today daily open	0.694

Trends
Daily SMA20	0.6923
Daily SMA50	0.687
Daily SMA100	0.6829
Daily SMA200	0.6898

Levels
Previous Daily High	0.6959
Previous Daily Low	0.6924
Previous Weekly High	0.7043
Previous Weekly Low	0.693
Previous Monthly High	0.7033
Previous Monthly Low	0.6762
Daily Fibonacci 38.2%	0.6946
Daily Fibonacci 61.8%	0.6938
Daily Pivot Point S1	0.6924
Daily Pivot Point S2	0.6907
Daily Pivot Point S3	0.6889
Daily Pivot Point R1	0.6958
Daily Pivot Point R2	0.6976
Daily Pivot Point R3	0.6993

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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