AUD/USD technical analysis: Now seems vulnerable to head back towards retesting multi-year lows


  • The pair continues to lose ground for the third straight session.
  • The recent pullback has been along a descending trend-channel.

The AUD/USD pair remained under some selling pressure for the third consecutive session and dropped to near one-week lows, around the 0.6725 region on Wednesday.

The overnight sustained break below 200-hour EMA was seen as a key trigger for bearish traders and continued prompting some follow-through selling on Wednesday.
 
Meanwhile, the recent pullback from levels just above the 0.6800 handle – set last Friday – has been along a descending trend-channel formation on the 1-hourly chart.
 
This coupled with the fact that oscillators on the daily chart have again started gaining negative traction and maintained their bearish bias on hourly charts point to further decline.
 
A sustained break below the lower end of the mentioned trend-channel, currently near the 0.6720 region, will reaffirm the bearish outlook and prompt some fresh technical selling.
 
The pair might then turn vulnerable to break below the 0.6700 round-figure mark and aim towards testing the 0.6670 region – over a decade low touched at the beginning of this month.
 
On the flip side, any meaningful attempted recovery might now confront some fresh supply near the 0.6755-60 region (100-hour EMA), which coincides with the trend-channel resistance.

fxsoriginal

AUD/USD

Overview
Today last price 0.6732
Today Daily Change -0.0020
Today Daily Change % -0.30
Today daily open 0.6752
 
Trends
Daily SMA20 0.6758
Daily SMA50 0.6778
Daily SMA100 0.6863
Daily SMA200 0.6976
 
Levels
Previous Daily High 0.679
Previous Daily Low 0.6742
Previous Weekly High 0.6811
Previous Weekly Low 0.6704
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.676
Daily Fibonacci 61.8% 0.6771
Daily Pivot Point S1 0.6733
Daily Pivot Point S2 0.6713
Daily Pivot Point S3 0.6684
Daily Pivot Point R1 0.6781
Daily Pivot Point R2 0.681
Daily Pivot Point R3 0.683

 

 

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