AUD/USD Technical Analysis: On the back foot below 200-bar EMA
- AUD/USD struggles for clues after two consecutive days of declines.
- Aussie Westpac Consumer Sentiment dropped well below forecasts.
- November low on sellers’ radar while buyers will wait for the break of 61.8% Fibonacci retracement.
AUD/USD seesaws around 0.6815 amid the initial trading session on Wednesday. Even so, the pair’s trading below 200-bar Exponential Moving Average (EMA) keeps it on sellers’ watch-list.
On the fundamental side, recently released December month Westpac Consumer Sentiment data, -1.9% versus -0.7% forecast and +4.5% prior, coupled with uncertainty surrounding phase-one, seems to have played their roles.
23.6% Fibonacci retracement of October-end peak to late-November trough, near 0.6795, acts as immediate support ahead of the previous month low near 0.6755.
Alternatively, an upside clearance of 200-bar EMA level of 0.6818 needs to cross 61.8% Fibonacci retracement, at 0.6863, to recall buyers targeting 0.6900 mark.
AUD/USD four-hour chart
Trend: Bearish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
