#AUDUSD @ 0.63691 holds lower ground near intraday low after reversing from the highest level in fortnight., @nehcap view: Further upside expected (Pivot Orderbook analysis)

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• AUD/USD holds lower ground near intraday low after reversing from the highest level in fortnight.
• Successful break of six-week-old previous resistance, up RSI, MACD favor buyers.
• Weekly support line adds to the downside filters before directing bears toward the yearly low.

The pair currently trades last at 0.63691.

The previous day high was 0.6393 while the previous day low was 0.621. The daily 38.2% Fib levels comes at 0.6323, expected to provide support. Similarly, the daily 61.8% fib level is at 0.628, expected to provide support.

AUD/USD stays pressured towards the intraday low surrounding 0.6350 as it extends the latest pullback from a fortnight top during Monday’s Asian session. In doing so, the Aussie pair retreats from a 21-DMA hurdle while paring the first weekly gain in three.

Even so, the Aussie pair buyers remain hopeful as the pair keeps the previous day’s upside break of a descending resistance line from September 13, now support around 0.6290. Also keeping the bulls hopeful are the firmer MACD signals and the RSI (14).

It should be noted that a seven-day-long support line, close to 0.6260 by the press time, will act as the last defense of the AUD/USD buyers, a break of which won’t hesitate to challenge the yearly low marked earlier in the month around 0.6170.

Alternatively, a daily closing beyond the 21-DMA level near 0.6375 won’t be enough to convince the AUD/USD bulls as the 23.6% Fibonacci retracement level of the pair’s August-October fall, near 0.6405, will act as an extra filter to the north.

Also challenging the AUD/USD pair’s upside is the 38.2% Fibonacci retracement level and the 50-DMA, respectively around 0.6545 and 0.6625.

Trend: Further upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6366 at the time of writing. Pair opened at 0.6378 and is trading with a change of -0.19% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6373, 50 SMA 0.6639, 100 SMA @ 0.6789 and 200 SMA @ 0.701.

The previous day high was 0.6393 while the previous day low was 0.621. The daily 38.2% Fib levels comes at 0.6323, expected to provide support. Similarly, the daily 61.8% fib level is at 0.628, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6261, 0.6144, 0.6078
• Pivot resistance is noted at 0.6444, 0.651, 0.6627

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