AUD/USD Technical Analysis: Post-Aussie CPI slump sets the stage for a test of 0.70 handle

Haresh Menghani FXStreet

• The pair extended last week's rejection slide from the very important 200-day SMA and the selling pressure intensified on Wednesday following the release of softer Aussie CPI figures.

• The pair lost ground for the fifth consecutive session and a sustained break through a short-term ascending trend-line, near the 0.7100 mark, was seen as a key trigger for bearish traders.

• Despite a sharp intraday slump to the lowest level since March 11, technical indicators on the daily chart are still far from being in the oversold territory and support prospects for further downside.

• Hence, any attempted recovery towards the 0.7050-60 horizontal zone seems more likely to get sold into and bears might now target an eventual drop towards the key 0.70 psychological mark.

AUD/USD daily chart

AUD/USD

Overview
Today last price	0.7036
Today Daily Change	-0.0065
Today Daily Change %	-0.92
Today daily open	0.7101

Trends
Daily SMA20	0.7127
Daily SMA50	0.7113
Daily SMA100	0.7129
Daily SMA200	0.7185

Levels
Previous Daily High	0.7153
Previous Daily Low	0.708
Previous Weekly High	0.7206
Previous Weekly Low	0.7136
Previous Monthly High	0.7168
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7108
Daily Fibonacci 61.8%	0.7125
Daily Pivot Point S1	0.707
Daily Pivot Point S2	0.7038
Daily Pivot Point S3	0.6997
Daily Pivot Point R1	0.7143
Daily Pivot Point R2	0.7184
Daily Pivot Point R3	0.7216

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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