AUD/USD Technical Analysis: Remains vulnerable to retest 0.7200 handle

Haresh Menghani FXStreet

• The pair stalled its intraday recovery move and started reversing gains from a resistance marked by 38.2% Fibonacci retracement level of this week's downfall.

• The pair has retreated around 20-pips from session tops, breaking through an intraday ascending trend-line, and falling below 23.6% Fibonacci retracement level.

• Technical indicators on short-term charts point to increasing bearish pressure at higher levels and further add credence to the intraday bearish breakdown.

• The technical set-up clearly indicates that the corrective bounce might have already lost steam and the pair could be headed back towards challenging the 0.7200 handle.

AUD/USD 15-mins chart

AUD/USD

Overview:
    Last Price: 0.7232
    Daily change: 12 pips
    Daily change: 0.166%
    Daily Open: 0.722
Trends:
    Daily SMA20: 0.7191
    Daily SMA50: 0.7173
    Daily SMA100: 0.7255
    Daily SMA200: 0.7448
Levels:
    Daily High: 0.7302
    Daily Low: 0.7212
    Weekly High: 0.7336
    Weekly Low: 0.7164
    Monthly High: 0.724
    Monthly Low: 0.702
    Daily Fibonacci 38.2%: 0.7246
    Daily Fibonacci 61.8%: 0.7268
    Daily Pivot Point S1: 0.7187
    Daily Pivot Point S2: 0.7154
    Daily Pivot Point S3: 0.7097
    Daily Pivot Point R1: 0.7278
    Daily Pivot Point R2: 0.7335
    Daily Pivot Point R3: 0.7368

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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