#AUDUSD @ 0.68269 takes offers to renew intraday low as it pares the biggest daily gains in a month., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUD/USD takes offers to renew intraday low as it pares the biggest daily gains in a month.
• Receding bullish bias of MACD, RSI pullback adds strength to the fall targeting 50-SMA.
• 200-SMA adds to the upside filters, bears have a bumpy road before retaking control.

The pair currently trades last at 0.68269.

The previous day high was 0.6877 while the previous day low was 0.6745. The daily 38.2% Fib levels comes at 0.6827, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6795, expected to provide support.

AUD/USD consolidates the biggest daily gains in a month as it refreshes intraday low around 0.6825-30 during Monday’s Asian session. In doing so, the Aussie pair takes a U-turn from the downward sloping resistance line from August 15 as well as the 100-SMA.

Given the receding bullish bias of the MACD and the RSI retreat, the AUD/USD prices are likely to witness further downside.

However, the 0.6800 threshold and the 50-SMA, around 0.6790, could challenge the intraday sellers.

Following that, the monthly horizontal support area, around 0.6770, appears the last defense of the AUD/USD bulls before challenging the yearly low of 0.6700.

Meanwhile, the 100-SMA and the aforementioned resistance line, respectively near 0.6850 and 0.6870, challenge short-term AUD/USD upside ahead of the 200-SMA hurdle surrounding 0.6925.

It’s worth noting that the pair’s run-up beyond 0.6925 enables it to overcome the 0.7000 psychological magnet, which in turn highlights the late August swing high near 0.7010 for the bulls to watch as a probable challenge.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6829 at the time of writing. Pair opened at 0.6844 and is trading with a change of -0.22% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6874, 50 SMA 0.6896, 100 SMA @ 0.6969 and 200 SMA @ 0.7116.

The previous day high was 0.6877 while the previous day low was 0.6745. The daily 38.2% Fib levels comes at 0.6827, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6795, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6766, 0.669, 0.6634
• Pivot resistance is noted at 0.6899, 0.6954, 0.7031

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