#AUDUSD @ 0.66850 AUDUSD retreats from 100-DMA, prints mild losses near two-month high., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUDUSD retreats from 100-DMA, prints mild losses near two-month high.
• Bullish MACD signals, firmer RSI keeps buyers hopeful beyond 50-DMA.
• Seven-month-old resistance line adds to the upside filters, October’s peak lures short-term bears.

The pair currently trades last at 0.66850.

The previous day high was 0.6717 while the previous day low was 0.6578. The daily 38.2% Fib levels comes at 0.6664, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6631, expected to provide support.

AUDUSD snaps a two-day uptrend as it jostles with the 100-DMA during Monday’s Asian session, printing mild losses near 0.6690-85 by the press time.

With this, the key moving average challenges the Aussie pair buyers near the highest levels since September 20. However, the quote’s sustained trading beyond the 50-DMA and bullish oscillators, namely the MACD and RSI, favor the buyers.

That said, a short-term pullback towards October’s peak of 0.6525 can’t be ruled out. Following that, the 50-DMA support of 0.6500 could gain the market’s attention.

It’s worth noting that the one-month-old ascending trend line, around 0.6320 by the press time, appears the last defense of the AUDUSD buyers.

Alternatively, a daily closing beyond the 100-DMA, around 0.6705 at the latest, isn’t an open invitation to the AUDUSD bulls as a descending resistance line from early April, near 0.6760, acts as an extra filter to the north.

In a case where AUDUSD buyers manage to keep the reins past 0.6760, the 200-DMA surrounding 0.6955 and the 0.7000 psychological magnet will be crucial for them.

Overall, AUDUSD is likely to witness a pullback but the bears have a long way to retake control.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6687 at the time of writing. Pair opened at 0.6709 and is trading with a change of -0.33% % .

The pair is trading above its 20 Daily moving average @ 0.6412, above its 50 Daily moving average @ 0.6501 , below its 100 Daily moving average @ 0.6704 and below its 200 Daily moving average @ 0.6958

The previous day high was 0.6717 while the previous day low was 0.6578. The daily 38.2% Fib levels comes at 0.6664, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6631, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6619, 0.6529, 0.6479
• Pivot resistance is noted at 0.6758, 0.6807, 0.6897

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