#AUDUSD @ 0.68291 consolidates the biggest daily gains in two weeks at a six-month high., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUD/USD consolidates the biggest daily gains in two weeks at a six-month high.
• One-month-old ascending trend channel defends AUD/USD buyers.
• 100-SMA offers immediate support, September’s peak could test the bulls.

The pair currently trades last at 0.68291.

The previous day high was 0.6893 while the previous day low was 0.674. The daily 38.2% Fib levels comes at 0.6835, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6799, expected to provide support.

AUD/USD takes offers to refresh the intraday low near 0.6830-25 as it pares the biggest daily gains in two weeks, marked the previous day, during early Wednesday. In doing so, the Aussie pair reverses from a resistance line of the one-month-long bullish channel.

Even so, bullish MACD signals challenge the AUD/USD bears as they approach Friday’s swing high near 0.6815.

Following that, the 100-bar Simple Moving Average (SMA) near 0.6745 could restrict the Aussie pair’s further downside before highlighting the stated channel’s lower line, close to the 0.6700 round figure by the press time.

Even if the AUD/USD pair breaks the 0.6700 support, the 200-SMA level and an upward-sloping support line from October 13, respectively near 0.6645 and 0.6670, could restrict the quote’s further downside.

Meanwhile, recovery moves could aim for the aforementioned bullish channel’s top line, close to 0.6885 at the latest.

In a case where the AUD/USD bulls keep the reins past 0.6885, September’s high near 0.6915 could challenge further upsides of the Aussie pair.

Overall, AUD/USD stays on the bull’s radar despite the latest pullback from a multi-day high.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6834 at the time of writing. Pair opened at 0.685 and is trading with a change of -0.23% % .

The pair is trading above its 20 Daily moving average @ 0.6731, above its 50 Daily moving average @ 0.6539 , above its 100 Daily moving average @ 0.6677 and below its 200 Daily moving average @ 0.6905

The previous day high was 0.6893 while the previous day low was 0.674. The daily 38.2% Fib levels comes at 0.6835, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6799, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6762, 0.6675, 0.6609
• Pivot resistance is noted at 0.6915, 0.6981, 0.7069

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