According to “nehcap,” the AUDUSD currency pair is still at a low point for the year and has been consistently decreasing for the past eight days. They predict that the currency pair will continue to decline in the future.

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• AUD/USD remains depressed at YTD low, prints eight-day downtrend.

The pair currently trades last at 0.63873.

The previous day high was 0.648 while the previous day low was 0.6416. The daily 38.2% Fib levels comes at 0.6441, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6456, expected to provide resistance.

AUD/USD bears take a breather after refreshing the yearly low as oversold RSI joins the key Fibonacci ratio to mark an unimpressive effort to prod downside. That said, the Aussie pair dropped to 0.6364 before recently poking 0.6390 heading into Thursday’s European session.

That said, the RSI (14) line stays deep into the oversold territory suggesting an imminent corrective bounce. Also challenging the quote’s further weakness is the 78.6% Fibonacci retracement of the AUD/USD pair’s upside from October 2022 to February 2023, close to 0.6375.

With this, the quote could pare some of its latest losses, which in turn highlights the May month’s bottom of around 0.6460 as an immediate upside hurdle. However, lows marked in late June and early July around the 0.6600 round figure appear the key resistance for the AUD/USD buyers to cross to retake control.

It’s worth noting that the AUD/USD pair’s confirmed the “Double Tops” bearish chart formation earlier in the month by breaking the 0.6600 mark. The same suggests the theoretical target of 0.6300 unless the quote stays beneath 0.6600.

In a case where the AUD/USD pair rises past 0.6600, its run-up towards the early July swing high of around 0.6700 and the monthly peak of 0.6725 can’t be ruled out.

Alternatively, a downside break of the 0.6300 theoretical target will direct AUD/USD toward the previous yearly low of around 0.6170.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.639 at the time of writing. Pair opened at 0.6424 and is trading with a change of -0.53% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6608, 50 SMA 0.6688, 100 SMA @ 0.6675 and 200 SMA @ 0.6737.

The previous day high was 0.648 while the previous day low was 0.6416. The daily 38.2% Fib levels comes at 0.6441, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6456, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.64, 0.6375, 0.6335
• Pivot resistance is noted at 0.6464, 0.6505, 0.6529

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