AUD/USD technical analysis: Still struggling to extend the recovery beyond 0.6800 handle

Renewed hopes of a US-China trade deal helped ease the recent bearish pressure.
The set-up warrants some caution before positioning for any meaningful recovery.

Haresh Menghani FXStreet

Having found some support near 61.8% Fibonacci level of the 0.6671-0.6930 recovery move, the pair managed to gain some positive traction on Friday amid renewed hopes of a US-China trade deal.

Bulls, however, seemed struggling to capitalize on the momentum further beyond the 0.6800 handle, which coincides with 50% Fibo. level and should act as a key pivotal point for short-term traders.

Any subsequent move beyond the mentioned handle could get extended towards the 0.6820 horizontal zone en-route 38.2% Fibo. level resistance near the 0.6835-40 region, nearing 100-day SMA.

However, technical indicators on 4-hourly/daily charts maintained their bearish bias and thus, warrant some caution before positioning for any strong follow-through recovery in the near term.

On the flip side, the 0.6770 region (61.8% Fibo.) might continue to act as immediate support, which if broken might turn the pair vulnerable to accelerate the slide towards the 0.6700 round-figure mark.

AUD/USD Daily chart

AUD/USD

Overview
Today last price	0.6799
Today Daily Change	0.0013
Today Daily Change %	0.19
Today daily open	0.6786

Trends
Daily SMA20	0.6861
Daily SMA50	0.6817
Daily SMA100	0.6844
Daily SMA200	0.694

Levels
Previous Daily High	0.6842
Previous Daily Low	0.6769
Previous Weekly High	0.6929
Previous Weekly Low	0.6847
Previous Monthly High	0.693
Previous Monthly Low	0.667
Daily Fibonacci 38.2%	0.6797
Daily Fibonacci 61.8%	0.6814
Daily Pivot Point S1	0.6756
Daily Pivot Point S2	0.6726
Daily Pivot Point S3	0.6683
Daily Pivot Point R1	0.6829
Daily Pivot Point R2	0.6872
Daily Pivot Point R3	0.6902

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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