#AUDUSD @ 0.65802 takes offers to refresh monthly low, extends previous day’s fall., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUD/USD takes offers to refresh monthly low, extends previous day’s fall.
• Clear downside break of 2.5-month-old ascending trend line, bearish MACD signals favor sellers.
• Below 50.0 RSI levels, nearness to key supports suggest limited downside room for Aussie bears to cheer.

The pair currently trades last at 0.65802.

The previous day high was 0.6662 while the previous day low was 0.6607. The daily 38.2% Fib levels comes at 0.6628, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6641, expected to provide resistance.

AUD/USD drops to a fresh low since late April as bears cheer technical breakdown, as well as trace New Zealand Dollar (NZD), amid early Wednesday morning in Europe. In doing so, the Aussie pair prints a two-day downbeat as it flashes 0.6585 level by the press time.

That said, a daily close below the 10-week-long rising support line and bearish MACD signals keep the Aussie pair sellers hopeful. However, lows marked in April and March, respectively around 0.6575 and 0.6565, can lure intraday bears.

It’s worth noting though that the October 2022 peak joins the 61.8% Fibonacci retracement level of the pair’s run-up from the last October to February to highlight the 0.6545 mark as short-term key support.

In a case where the Aussie pair breaks the same, the odds of witnessing a fall towards November’s low of near 0.6270 can’t be ruled out.

On the contrary, the support-turned-resistance line, around 0.6610 by the press time, limits the immediate upside of the Aussie pair.

Following that, a convergence of the 21-DMA and 50% Fibonacci retracement, close to 0.6670 at the latest, could challenge the AUD/USD bulls.

Above all, the 100-DMA and 38.2% Fibonacci retracement surrounding 0.6780 holds the key to the buyer’s dominance.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6585 at the time of writing. Pair opened at 0.661 and is trading with a change of -0.38% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6674, 50 SMA 0.6685, 100 SMA @ 0.6783 and 200 SMA @ 0.671.

The previous day high was 0.6662 while the previous day low was 0.6607. The daily 38.2% Fib levels comes at 0.6628, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6641, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6591, 0.6572, 0.6536
• Pivot resistance is noted at 0.6645, 0.6681, 0.67

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