#AUDUSD @ 0.67712 takes offers to refresh intraday low, prints the first daily loss in four., @nehcap view: Further downside expected (Pivot Orderbook analysis)
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- AUD/USD takes offers to refresh intraday low, prints the first daily loss in four.
- 61.8% Fibonacci retracement level will challenge the bears ahead of the key 0.6690 support confluence.
- Rising wedge teases sellers, 200-day EMA acts as immediate upside hurdle.
The pair currently trades last at 0.67712.
The previous day high was 0.6814 while the previous day low was 0.6744. The daily 38.2% Fib levels comes at 0.6787, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.677, expected to provide support.
AUD/USD begins the key week on the negative side as it takes offers to refresh the intraday low near 0.6770 while snapping a three-day uptrend during early Monday in Asia. In doing so, the Aussie pair pokes the 61.8% Fibonacci retracement level of the pair’s August-October downside.
Even if the key Fibonacci retracement level, also known as the “Golden Ratio”, challenges the AUD/USD bears near 0.6770, the recently bearish MACD signals and the sluggish RSI (14) suggest the quote’s further downside. Also keeping the pair sellers hopeful is the one-month-old rising wedge bearish chart formation on the daily play.
It’s worth noting, however, that a convergence of the 100-day EMA and the stated wedge’s support line, near 0.6690, appears a tough nut to crack for the AUD/USD bears.
Following that, a south run towards the 38.2% Fibonacci retracement level near 0.6540 and then to the 0.6425 theoretical target can’t be ruled out.
Alternatively, the 200-day EMA level surrounding 0.6840 restricts immediate AUD/USD upside ahead of the aforementioned rising wedge’s top, close to 0.6880 by the press time.
In a case where the AUD/USD bulls keep the reins past 0.6880, the late August high near the 0.7000 round figure will be in focus.
Trend: Further downside expected
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.677 at the time of writing. Pair opened at 0.6795 and is trading with a change of -0.37% % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.677 |
| 1 | Today Daily Change | -0.0025 |
| 2 | Today Daily Change % | -0.37% |
| 3 | Today daily open | 0.6795 |
The pair is trading above its 20 Daily moving average @ 0.6724, above its 50 Daily moving average @ 0.6527 , above its 100 Daily moving average @ 0.668 and below its 200 Daily moving average @ 0.691
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6724 |
| 1 | Daily SMA50 | 0.6527 |
| 2 | Daily SMA100 | 0.6680 |
| 3 | Daily SMA200 | 0.6910 |
The previous day high was 0.6814 while the previous day low was 0.6744. The daily 38.2% Fib levels comes at 0.6787, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.677, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 0.6754, 0.6714, 0.6684
- Pivot resistance is noted at 0.6824, 0.6854, 0.6894
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6814 |
| Previous Daily Low | 0.6744 |
| Previous Weekly High | 0.6851 |
| Previous Weekly Low | 0.6669 |
| Previous Monthly High | 0.6801 |
| Previous Monthly Low | 0.6272 |
| Daily Fibonacci 38.2% | 0.6787 |
| Daily Fibonacci 61.8% | 0.6770 |
| Daily Pivot Point S1 | 0.6754 |
| Daily Pivot Point S2 | 0.6714 |
| Daily Pivot Point S3 | 0.6684 |
| Daily Pivot Point R1 | 0.6824 |
| Daily Pivot Point R2 | 0.6854 |
| Daily Pivot Point R3 | 0.6894 |
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