#AUDUSD @ 0.67851 Availability of barricades around 61.8% Fibo retracement has strengthened bearish reversal bets. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Availability of barricades around 61.8% Fibo retracement has strengthened bearish reversal bets.
• Declining 20-and 50-EMAs indicates a continuation of the downside move.
• A break into the bearish range of 20.00-40.00 by the RSI (14) will trigger downside momentum.

The pair currently trades last at 0.67851.

The previous day high was 0.6855 while the previous day low was 0.6779. The daily 38.2% Fib levels comes at 0.6826, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6808, expected to provide resistance.

The AUD/USD pair is displaying topsy-turvy moves in a narrow range of 0.6774-0.6800 in the Asian session. After a gap down open, the aussie bulls attempted a break above the critical hurdle of 0.6800, however, the risk-off market tone strengthened the greenback bulls.

On a four-hour scale, the asset has witnessed a steep fall after facing barricades around the 61.8% Fibonacci retracement (placed from July 14 low at 0.6682 to August 11 high at 0.7137) near 0.6857. The availability of critical hurdles while attempting to overstep 61.8% Fibo retracement warrants a completion of 100% retracement ahead.

The 20-and 50-period Exponential Moving Averages (EMAs) at 0.6820 and 0.6850 respectively are declining lower, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is expected to dive into the bearish range of 20.00-40.00, which will trigger a fresh downside move ahead.

Should the asset drop below Thursday’s low at 0.6770, the greenback bulls will get activated and may drag the aussie bulls towards the round-level support at 0.6700, followed by 6 March 2020 high at 0.6657.

Alternatively, the aussie bulls could regain strength and may send the asset towards Wednesday’s high at 0.6904 and 38.2% Fibo retracement at 0.6964, if the asset oversteps 61.8% Fibo at 0.6857 decisively.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6848 at the time of writing. Pair opened at 0.6812 and is trading with a change of 0.53 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6942, 50 SMA 0.6906, 100 SMA @ 0.6998 and 200 SMA @ 0.7124.

The previous day high was 0.6855 while the previous day low was 0.6779. The daily 38.2% Fib levels comes at 0.6826, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6808, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6776, 0.6739, 0.6699
• Pivot resistance is noted at 0.6852, 0.6891, 0.6928

[/s2If]
Join Our Telegram Group