#AUDUSD @ 0.67260 A rebound move after defending the two-year low at around 0.6680 has strengthened aussie bulls. (Pivot Orderbook analysis)

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• A rebound move after defending the two-year low at around 0.6680 has strengthened aussie bulls.
• The 50-EMA at 0.6713 has acted as major support for the antipodean.
• A bullish range shift by the RSI (14) will trigger an upside momentum.

The pair currently trades last at 0.67260.

The previous day high was 0.6734 while the previous day low was 0.6672. The daily 38.2% Fib levels comes at 0.671, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6696, expected to provide support.

The AUD/USD pair has rebounded sharply after correcting to near 0.6713 in the Tokyo session. The asset is gaining strength amid a firmer establishment above the round-level hurdle of 0.6700. The major has breached the immediate resistance of 0.6732 and is attempting to sustain above the same.

On an hourly scale, the commodity-sensitive currency has bounced sharply after testing the two-year low at around 0.6680. The formation of the Double Bottom chart pattern indicates lower selling pressure while testing the lows again and dried selling resulted in a vertical upside move. The road ahead is not easy for the antipodean and will find hurdles around the horizontal resistance placed from September 1 low around 0.6770.

The 50-period Exponential Moving Average (EMA) at 0.6713 has acted as a major cushion for the counter. While, the 200-EMA at 0.6754 is still higher, which could spoil the mood of Aussie investors.

The Relative Strength Index (RSI) (14) is on the verge of shifting into the bullish range of 60.00-80.00, which will deliver a vertical upside ahead.

Aussie bulls will strengthen further if the asset surpasses the above-mentioned critical hurdle at 0.6770. This will drive the asset towards September 5 high at 0.6832, followed by the previous week’s high at 0.6916.

Alternatively, a break below the above-mentioned demand zone will drag the asset towards the round-level support at 0.6600. A slippage below the latter will drag the asset towards the 25 May 2020 low at 0.6520.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6727 at the time of writing. Pair opened at 0.6726 and is trading with a change of 0.01 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6818, 50 SMA 0.6888, 100 SMA @ 0.6948 and 200 SMA @ 0.7105.

The previous day high was 0.6734 while the previous day low was 0.6672. The daily 38.2% Fib levels comes at 0.671, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6696, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6687, 0.6649, 0.6625
• Pivot resistance is noted at 0.6749, 0.6773, 0.6811

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