#AUDUSD @ 0.63127 retreats from intraday high during two-day uptrend., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• AUD/USD retreats from intraday high during two-day uptrend.
• Bullish MACD signals, firmer RSI keeps buyers hopeful to overcome six-week-old bearish channel.
• Resistance-turned-support restricts immediate downside ahead of the yearly low.

The pair currently trades last at 0.63127.

The previous day high was 0.6312 while the previous day low was 0.6197. The daily 38.2% Fib levels comes at 0.6268, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6241, expected to provide support.

AUD/USD grinds higher past 0.6300, seesaws around 0.6310-15 during Tuesday’s initial European session, as buyers approach the short-term key hurdle.

That said, a clear upside break of the eight-day-old previous resistance line, now support near 0.6280, keeps buyers hopeful.

However, a downward-sloping trend channel since early September, between 0.6055 and 0.6355, challenges the AUD/USD buyers of late.

Even so, the bullish MACD signals and recently firmer RSI, not overbought, suggests the Aussie pair’s upside break of the 0.6355 hurdle.

Following that, the 100-SMA level surrounding 0.6390 could act as a buffer during the run-up targeting the monthly high near 0.6540 and the 200-SMA resistance around 0.6560.

On the contrary, pullback moves remain elusive unless the AUD/USD prices stay above the resistance-turned-support trend line of 0.6280.

In a case where the pair sellers dominate past 0.6280, a quick fall toward Friday’s bottom surrounding 0.6200 can’t be ruled out.

Though, the yearly low and the stated channel’s support line, respectively near 0.6170 and 0.6055, will gain the market’s attention.

Overall, AUD/USD pair is likely to regain the buyer’s confidence should I manage to stay beyond 0.6355.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6314 at the time of writing. Pair opened at 0.6289 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 @ 0.6436, 50 SMA 0.67, 100 SMA @ 0.6825 and 200 SMA @ 0.7028.

The previous day high was 0.6312 while the previous day low was 0.6197. The daily 38.2% Fib levels comes at 0.6268, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6241, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.622, 0.6152, 0.6106
• Pivot resistance is noted at 0.6335, 0.6381, 0.645

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