#AUDUSD @ 0.68105 A downside bias is looming all-around ahead of the interest rate decision by the RBA. (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)]

• A downside bias is looming all-around ahead of the interest rate decision by the RBA.
• The asset may find a cushion around 0.6700 ahead as the downside looks imminent.
• A break into the 20.00-40.00 range by the RSI (14) is highly required to activate the declining mode.

The pair currently trades last at 0.68105.

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 support.

The AUD/USD pair is experiencing modest selling pressure after facing barricades around 0.6800 in the late New York session. The major displayed a subdued performance on Monday after a gap down opening as investors shifted to the sidelines ahead of the interest rate decision by the Reserve Bank of Australia (RBA).

On a four-hour scale, the asset is declining towards the two-year low at 0.6682, recorded on July 14. A downside bias has been strengthened as the asset has faced barricades around the critical resistance placed from the August 30 low at 0.6846.

The 20-and 50-period Exponential Moving Averages (EMAs) at 0.6811 and 0.6846 respectively are declining, which adds to the downside filters.

However, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which indicates a consolidation ahead. For downside momentum, the RSI (14) is required to drop into the bearish range of 20.00-40.00.

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 the 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 August 23 high at 0.6964, if the asset oversteps Friday’s high at 0.6855 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 support.

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