#AUDUSD @ 0.66180 pares the biggest daily loss in a week amid sluggish markets, retreats from daily high of late., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD pares the biggest daily loss in a week amid sluggish markets, retreats from daily high of late.
• Bearish MACD signals, steady RSI suggests a continuation of downtrend.
• Six-week-old descending resistance line, 100-SMA restrict immediate upside.
• Aussie bulls remain confused below 200-SMA; one-week-long horizontal support puts a floor under the prices.

The pair currently trades last at 0.66180.

The previous day high was 0.6712 while the previous day low was 0.659. The daily 38.2% Fib levels comes at 0.6636, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6665, expected to provide resistance.

AUD/USD struggles to keep the daily gains around 0.6620 as it consolidates the biggest slump in a week during Thursday’s sluggish morning in Europe, after a volatile Wednesday that rocked markets with a risk-off mood.

In doing so, the Aussie pair justifies the bearish MACD signals and RSI (14) line, as well as the repeated failures to cross a 1.5-month-long resistance line and the 100-SMA, to tease the intraday sellers.

However, an area comprising multiple lows marked since March 07, between 0.6565 and 0.6575, appears a tough nut to crack for the AUD/USD bears.

Also acting as the downside filters are the tops marked during October 2022 around 0.6545 and 0.6520.

On the contrary, the aforementioned resistance and the 100-SMA, respectively near 0.6690 and 0.6705, restrict short-term AUD/USD advances amid downbeat oscillators.

Even if the AUD/USD bulls manage to cross the 0.6705 hurdle, the monthly high near 0.6785 and the 0.6800 round figure will precede the 200-SMA resistance of around 0.6830 to challenge the risk-barometer pair’s further upside.

To sum up, AUD/UDS is likely to remain bearish but the road towards the south appears bumpy.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6626 at the time of writing. Pair opened at 0.6619 and is trading with a change of 0.11% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6732, 50 SMA 0.6876, 100 SMA @ 0.6773 and 200 SMA @ 0.6769.

The previous day high was 0.6712 while the previous day low was 0.659. The daily 38.2% Fib levels comes at 0.6636, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6665, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6569, 0.6518, 0.6447
• Pivot resistance is noted at 0.669, 0.6762, 0.6812

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