#AUDUSD @ 0.66481 licks its wounds after posting weekly loss, as well as confirming bearish chart formation., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD licks its wounds after posting weekly loss, as well as confirming bearish chart formation.
• Downbeat oscillators, key SMAs also challenge Aussie pair buyers.
• Monthly low can act as intermediate halt during theoretical target surrounding October 2022 peak.

The pair currently trades last at 0.66481.

The previous day high was 0.6694 while the previous day low was 0.6625. The daily 38.2% Fib levels comes at 0.6652, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6668, expected to provide resistance.

AUD/USD buyers struggle to keep the reins around 0.6650 during Monday’s sluggish trading session, after a volatile week. In doing so, the Aussie pair licks its wounds after posting the weekly loss but lacks recovery momentum to extend the late Friday’s corrective bounce off a one-week low.

It should be noted that the AUD/USD pair’s confirmation of a two-week-old rising wedge bearish chart formations joins the bearish MACD signals and downbeat RSI (14), not oversold, to keep sellers hopeful.

That said, the latest trough surrounding 0.6625 lures intraday sellers of the Aussie pair before highlighting the monthly low of 0.6564.

Following that, the theoretical target of rising wedge confirmation, surrounding 0.6650, joins the October 2022 peak of near 0.6645, to offer strong support to the sellers.

On the flip side, the 100-bar Simple Moving Average (SMA), near 0.6670 at the latest, guards immediate recovery moves of the AUD/USD pair before the stated wedge’s lower line, around 0.6680.

Even if the Aussie pair crosses the 0.6680 support-turned-resistance, the wedge’s top line and the 200-SMA, respectively near 0.6750 and 0.6760, could challenge the bulls.

It’s worth observing that the monthly high of around 0.6785 acts as the last defense of the AUD/USD bears.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6645 at the time of writing. Pair opened at 0.6644 and is trading with a change of 0.02% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6676, 50 SMA 0.6846, 100 SMA @ 0.6793 and 200 SMA @ 0.6758.

The previous day high was 0.6694 while the previous day low was 0.6625. The daily 38.2% Fib levels comes at 0.6652, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6668, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6615, 0.6585, 0.6546
• Pivot resistance is noted at 0.6684, 0.6724, 0.6753

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