AUD/USD technical analysis: Repeated failure at key Fib hurdle is cause for concern for bulls

AUD/USD risks falling to the 50-day MA support in the next few hours.
The daily chart shows repeated failure at key Fib level of 0.6880.

Omkar Godbole FXStreet Contributor

AUD/USD is looking heavy, having repeatedly failed to take out a key Fibonacci resistance level in the last few days.

The currency pair picked up a bid below 0.67 on Sept. 3, but the ensuing rally ran out of steam near 0.6880 (50% Fib R of 0.7082/0.6677) last week.

Notably, the pair failed to close above that Fibonacci resistance for the fourth straight day on Monday. Also, the 4-hour chart is reporting a bearish divergence of the relative strength index.

Hence, a pullback could be in the offing, possibly to the 50-day moving average (MA) support, currently at 0.6943.

As of writing, the pair is trading at 0.6861, representing a 0.05% drop on the day, having hit a high of 0.6870 earlier today.

Daily chart

Trend: Bearish

Technical levels

AUD/USD

Overview
Today last price	0.6861
Today Daily Change	-0.0002
Today Daily Change %	-0.03
Today daily open	0.6864

Trends
Daily SMA20	0.6796
Daily SMA50	0.6851
Daily SMA100	0.6902
Daily SMA200	0.7012

Levels
Previous Daily High	0.6885
Previous Daily Low	0.6853
Previous Weekly High	0.6895
Previous Weekly Low	0.6837
Previous Monthly High	0.6869
Previous Monthly Low	0.6676
Daily Fibonacci 38.2%	0.6873
Daily Fibonacci 61.8%	0.6865
Daily Pivot Point S1	0.685
Daily Pivot Point S2	0.6835
Daily Pivot Point S3	0.6818
Daily Pivot Point R1	0.6882
Daily Pivot Point R2	0.6899
Daily Pivot Point R3	0.6914

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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