#AUDUSD @ 0.62540 stays offered near intraday low after breaking one-week-old support line., @nehcap view: Further downside likely (Pivot Orderbook analysis)

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• AUD/USD stays offered near intraday low after breaking one-week-old support line.
• Bearish MACD signals, downbeat RSI adds strength to the downside bias.
• 61.8% FE levels could lure bears past yearly low.
• Convergence of 21 and 50 SMA could act restrict short-term recovery.

The pair currently trades last at 0.62540.

The previous day high was 0.6325 while the previous day low was 0.6251. The daily 38.2% Fib levels comes at 0.6279, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6297, expected to provide resistance.

AUD/USD bears are en route to the yearly low as they keep the reins around 0.6230 after breaking short-term key support during early Thursday in Europe. Also keeping sellers hopeful are the bearish MACD signals and the downbeat RSI (14), not oversold.

That said, the 0.6200 and October 14 swing low near 0.6195 can offer an intermediate halt during the quote’s likely slump toward the 2.5-year low of 0.6170.

Following that, the 61.8% Fibonacci Expansion (FE) of the AUD/USD pair’s October 04-14 moves, close to 0.6110, will lure the sellers. Also acting as the downside filter is the 0.6100 round figure.

In a case where AUD/USD drops below 0.6100, it won’t hesitate to challenge the 0.6000 psychological magnet.

Alternatively, recovery moves will initially struggle around the support-turned-resistance from October 13, near 0.6255, before convergence of the 21-SMA and 50-SMA, around 0.6280 at the latest, could challenge the AUD/USD bulls.

Even if the pair crosses the 0.6280 hurdle, a broad resistance area established since late September could challenge the further upside between 0.6345 and 0.6365.

Trend: Further downside likely

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6235 at the time of writing. Pair opened at 0.6271 and is trading with a change of -0.57% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6399, 50 SMA 0.667, 100 SMA @ 0.6808 and 200 SMA @ 0.7019.

The previous day high was 0.6325 while the previous day low was 0.6251. The daily 38.2% Fib levels comes at 0.6279, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6297, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.624, 0.6209, 0.6166
• Pivot resistance is noted at 0.6314, 0.6356, 0.6388

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