On Tuesday, #AUDUSD @ 0.67100 gained momentum and benefited from a weaker USD.

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• AUD/USD regains positive traction on Tuesday and draws support from a softer USD.

The pair currently trades last at 0.67100.

The previous day high was 0.6694 while the previous day low was 0.6668. The daily 38.2% Fib levels comes at 0.6678, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6684, expected to provide support.

The AUD/USD pair once again find some support near the 50% Fibonacci retracement level of the May-June rally and attracts fresh buying during the Asian session on Tuesday. Spot prices surge back above the 0.6700 round figure in the last hour, though any meaningful upside still seems elusive.

The US Dollar (USD) continues with its struggle to make it through the 50-day Simple Moving Average (SMA) and remains on the defensive for the second straight day, which, in turn, is seen lending some support to the AUD/USD pair. That said, the Federal Reserve’s (Fed) hawkish outlook, along with worries about a global economic downturn, could act as a tailwind for the safe-haven buck and cap gains for the risk-sensitive Aussie.

From a technical perspective, bearish traders need to wait for a sustained break and acceptance below the 50% Fibo. level before placing fresh bets. Given that oscillators on the daily chart are holding in the negative territory, the AUD/USD pair might then accelerate the fall towards the 61.8% Fibo. support, around the 0.6625 region. This is followed by the 0.6600 mark, which if broken decisively will set the stage for a further depreciating move.

On the flip side, any subsequent move up is more likely to confront stiff resistance near the 38.2% Fibo. level, around the 0.6730 zone. A sustained strength beyond will suggest that the recent corrective decline from the 0.6900 mark, or a nearly four-month high, has run its course and shift the bias in favour of bullish traders. The AUD/USD pair might then aim to reclaim the 0.6800 round figure, which coincides with the 23.6% Fibo. level.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6704 at the time of writing. Pair opened at 0.6675 and is trading with a change of 0.43 % .

The pair is trading below its 20 Daily moving average @ 0.6711, above its 50 Daily moving average @ 0.668 , below its 100 Daily moving average @ 0.6712 and above its 200 Daily moving average @ 0.6692

The previous day high was 0.6694 while the previous day low was 0.6668. The daily 38.2% Fib levels comes at 0.6678, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6684, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6664, 0.6653, 0.6638
• Pivot resistance is noted at 0.669, 0.6705, 0.6717

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