#AUDUSD @ 0.67071 stays sluggish after falling the most since March 2020., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD stays sluggish after falling the most since March 2020.
• Clear downside break of three-week-old support line, bearish MACD signals favor sellers.
• Horizontal area comprising multiple levels marked since October lure bears.

The pair currently trades last at 0.67071.

The previous day high was 0.687 while the previous day low was 0.6677. The daily 38.2% Fib levels comes at 0.675, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6796, expected to provide resistance.

AUD/USD struggles to defend the 0.6700 threshold as traders lick their wounds early Friday, after witnessing the biggest daily fall in 33 months.

Even so, the Aussie pair remains on the seller’s radar as it keeps the recent downside break of the three-week-old support line, now resistance around 0.6720. Also favoring the AUD/USD sellers are the bearish MACD signals.

However, the 200-Exponential Moving Average (EMA) level surrounding 0.6685 restricts the immediate downside of the Aussie pair.

Following that, the November 21 swing low near 0.6580 may act as an extra downside filter before directing the AUD/USD bears toward the 10-week-old horizontal support area near 0.6550.

Alternatively, recovery moves need to stay beyond the 0.6720 support-turned-resistance line to recall the AUD/USD bulls.

Even so, Monday’s bottom surrounding 0.6730 and the early December high near 0.6815 could challenge the upside momentum.

In a case where AUD/USD stays firmer past 0.6815, the odds of witnessing a run-up toward the monthly high near 0.6895 can’t be ruled out.

Overall, AUD/USD bears are taking a breather after portraying a major downside move. However, the sellers are likely to keep the reins unless staying beyond 0.6720.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6709 at the time of writing. Pair opened at 0.6703 and is trading with a change of 0.09% % .

The pair is trading below its 20 Daily moving average @ 0.6738, above its 50 Daily moving average @ 0.6552 , above its 100 Daily moving average @ 0.6673 and below its 200 Daily moving average @ 0.6899

The previous day high was 0.687 while the previous day low was 0.6677. The daily 38.2% Fib levels comes at 0.675, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6796, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.663, 0.6557, 0.6437
• Pivot resistance is noted at 0.6823, 0.6943, 0.7016

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