#AUDUSD @ 0.66880 ignores the previous day’s bearish candlestick to pare weekly losses., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• AUD/USD ignores the previous day’s bearish candlestick to pare weekly losses.
• Repeated failures to cross 200-DMA, steady RSI tease sellers.
• Previous resistance line from early February acts as the last defense of Aussie pair buyers.

The pair currently trades last at 0.66880.

The previous day high was 0.6756 while the previous day low was 0.667. The daily 38.2% Fib levels comes at 0.6723, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6703, expected to provide resistance.

AUD/USD picks up bids to refresh intraday high near 0.6690 during early Friday morning. In doing so, the Aussie pair consolidates the weekly losses while bouncing off a two-week-old ascending support line.

As the quote’s latest rebound gains support from the bullish MACD signals, further upside towards the 200-DMA hurdle surrounding 0.6760 can’t be ruled out.

However, Thursday’s “Gravestone Doji” candlestick joins steady RSI (14) to challenge the AUD/USD buyers afterward.

In a case where the Aussie pair remains firmer past 0.6760, the December 2022 peak surrounding 0.6890, quickly followed by the 0.6900 threshold, could challenge the AUD/USD bulls before giving them control.

On the contrary, a downside break of the immediate fortnight-long support line, close to 0.6660 at the latest, isn’t an open invitation to the bears as multiple levels marked in the last four months around 0.6640-30, can challenge the sellers.

It’s worth noting that a downward-sloping previous resistance line from February 02, now support around 0.6575, acts as the last defense of the AUD/USD pair buyers, a break of which could drag the quote towards 2022 bottom surrounding 0.6160.

Overall, AUD/USD remains on the bear’s radar unless providing a clear upside break of 0.6900.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6688 at the time of writing. Pair opened at 0.6684 and is trading with a change of 0.06% % .

The pair is trading above its 20 Daily moving average @ 0.668, below its 50 Daily moving average @ 0.6852 , below its 100 Daily moving average @ 0.6791 and below its 200 Daily moving average @ 0.6759

The previous day high was 0.6756 while the previous day low was 0.667. The daily 38.2% Fib levels comes at 0.6723, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6703, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6651, 0.6617, 0.6565
• Pivot resistance is noted at 0.6736, 0.6789, 0.6822

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