AUD/USD Technical Analysis: Hammered down to near 3-week lows, below 0.6900 confluence support

AUD/USD remained under some heavy selling pressure for the fourth straight session.
The bearish momentum took along some stops placed near 200-day SMA/50% Fibo.
Highly oversold conditions on hourly charts warrant some caution for bearish traders.

Haresh Menghani FXStreet

The AUD/USD pair extended its recent pullback from multi-month tops – levels beyond the key 0.70 psychological mark – and remained under some intense selling pressure for the fourth consecutive session on Tuesday.

The pair weakened back below the 0.6900 handle, hitting near three-week lows during the early part of the European trading action. The bearish momentum took along some short-term trading stops near the very important 200-day SMA.

The mentioned region coincided with the 50% Fibonacci level of the 0.6754-0.7032 recent positive move. Failure to defend the confluence support might be seen as a key trigger for bearish traders, setting the stage for further weakness.

Meanwhile, technical indicators on the daily chart have been losing positive traction and reinforce the bearish bias. However, oscillators on hourly charts are already flashing oversold conditions and warrant some caution.

Hence, it will be prudent to wait for some near-term consolidation or a modest rebound to the 0.6900 confluence support breakpoint before placing any fresh bearish bets for a slide towards the 0.6860-50 region (61.8% Fibo.).

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.6884
Today Daily Change	-0.0056
Today Daily Change %	-0.81
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

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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