#AUDUSD @ 0.69045 -imp levels: remains pressured around intraday low, reverses the previous day’s rebound from monthly bottom.

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• AUD/USD remains pressured around intraday low, reverses the previous day’s rebound from monthly bottom.
• Multiple swings around 61.8% Fibonacci retracement level highlight 0.6850 as the key support.
• Short-term bearish channel, pullback from 200-EMA also keep sellers hopeful.

The pair currently trades last at 0.69045.

The previous day high was 0.6964 while the previous day low was 0.6855. The daily 38.2% Fib levels comes at 0.6922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6896, expected to provide support.

AUD/USD sellers attack 0.6900 while consolidating the bounce off the monthly low during Wednesday’s Asian session.

The Aussie pair remains inside a one-week-old bearish channel, after taking a U-turn from the 200-EMA. Additionally favoring the pair sellers is the RSI (14) retreat.

With this, the AUD/USD bears again prepare to break the 0.6850 support area comprising multiple levels marked since July 18, as well as 61.8% Fibonacci retracement of July-August upside.

Following that, the aforementioned channel’s lower line, near 0.6790, could act as an intermediate halt before directing the bears towards the previous monthly low near 0.6680.

Alternatively, recovery moves need to defy the bearish channel formation with a clear upside break of 0.6940, as well as stay beyond the 200-EMA level of 0.6952, to convince AUD/USD buyers.

That said, the 0.7000 psychological magnet and the month-start peak of 0.7048 will gain the market’s attention afterward. However, the monthly peak of 0.7137 appears a tough nut to crack for the AUD/USD bulls afterward.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6905 at the time of writing. Pair opened at 0.6933 and is trading with a change of -0.40% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6978, 50 SMA 0.692, 100 SMA @ 0.7044 and 200 SMA @ 0.7137.

The previous day high was 0.6964 while the previous day low was 0.6855. The daily 38.2% Fib levels comes at 0.6922, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6896, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6871, 0.6809, 0.6763
• Pivot resistance is noted at 0.698, 0.7026, 0.7088

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