#AUDUSD @ 0.66350 pares the biggest daily loss in eight days with minor gains., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• AUD/USD pares the biggest daily loss in eight days with minor gains.
• One-month-old horizontal support, oversold RSI (14) put a floor under Aussie prices.
• Six-week-long previous support line guards recovery moves ahead of Australia CPI for Q1 and March.

The pair currently trades last at 0.66350.

The previous day high was 0.6706 while the previous day low was 0.6614. The daily 38.2% Fib levels comes at 0.6649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6671, expected to provide resistance.

AUD/USD prints mild gains around 0.6630 as it consolidates the biggest daily loss in a week ahead of the Australia Consumer Price Index (CPI) amid early Wednesday. In doing so, the Aussie pair rebounds from a horizontal area comprising multiple levels marked since late March amid an oversold RSI (14) line.

The recovery moves, however, lack upside momentum amid bearish MACD signals. Also challenging the AUD/USD buyers is the quote’s sustained downside break of a 1.5-month-old previous support line, now immediate resistance near 0.6655. Furthermore, likely downbeat prints of Aussie inflation and the Reserve Bank of Australia’s (RBA) dovish bias keep the pair sellers hopeful.

Even so, the quote needs to provide a successful break of the aforementioned horizontal support surrounding 0.6620-25 to convince the AUD/USD bears.

Following that, the yearly low marked in March around 0.6565 will be in the spotlight.

Meanwhile, recovery moves need to cross the support-turned-resistance line of around 0.6655 to convince intraday buyers of the AUD/USD pair.

However, a downward-sloping resistance line from April 20 and the 200-SMA, respectively near 0.6680 and 0.6690, quickly followed by the 0.6700 round figure, could challenge the Aussie pair buyers afterward.

To sum up, AUD/USD remains on the bear’s radar even if the quote bounces off short-term key support.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6636 at the time of writing. Pair opened at 0.6626 and is trading with a change of 0.15% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6702, 50 SMA 0.6714, 100 SMA @ 0.6797 and 200 SMA @ 0.6741.

The previous day high was 0.6706 while the previous day low was 0.6614. The daily 38.2% Fib levels comes at 0.6649, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6671, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6592, 0.6558, 0.6501
• Pivot resistance is noted at 0.6683, 0.674, 0.6774

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