#AUDUSD @ 0.66807 remains pressured within 40-pip rectangle, justifies clear break of short-term ascending trend line, 200-HMA., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD remains pressured within 40-pip rectangle, justifies clear break of short-term ascending trend line, 200-HMA.
• Downbeat oscillators suggest further grinding towards the south.
• Aussie pair buyers need validation from 0.6780; bears have ample room to cheer.

The pair currently trades last at 0.66807.

The previous day high was 0.6699 while the previous day low was 0.6666. The daily 38.2% Fib levels comes at 0.6686, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6678, expected to provide support.

AUD/USD bears return to the table, following an upbeat start of the week, as the Aussie pair drops to 0.6680 amid early Tuesday morning in Europe.

In doing so, the risk barometer remains within a short-term rectangle formation comprising multiple levels marked since the last Friday amid a steady RSI (14) line, below the median line of late.

However, a clear downside break of a fortnight-old ascending trend line and the 200-Hour Moving Average (HMA) joins the bearish MACD signals to keep Aussie bears hopeful.

That said, the stated trend continuation pattern’s lower line, close to 0.6665 of late, puts a floor under the AUD/USD prices, a break of which could quickly direct the sellers towards the monthly low of 0.6620.

In a case where the AUD/USD price remains bearish past 0.6620, the 0.6600 round figure and the yearly low marked in March around 0.6560 could lure the sellers.

On the flip side, the aforementioned rectangle’s top line, around 0.6710 at the latest, precedes the 200-HMA level of 0.6720 to restrict the short-term recovery of the AUD/USD pair.

Following that, the previous support line stretched from April 11, near 0.6725 can act as the last defense of the AUD/USD bears.

Should the AUD/USD buyers keep the reins past 0.6725, a one-week-old horizontal resistance area between 0.6770 and 0.6780 can challenge the upside momentum.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.668 at the time of writing. Pair opened at 0.6696 and is trading with a change of -0.24% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6706, 50 SMA 0.6721, 100 SMA @ 0.6798 and 200 SMA @ 0.6742.

The previous day high was 0.6699 while the previous day low was 0.6666. The daily 38.2% Fib levels comes at 0.6686, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6678, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6675, 0.6653, 0.6641
• Pivot resistance is noted at 0.6708, 0.672, 0.6742

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