#AUDUSD @ 0.69550 -imp levels: takes offers to refresh intraday low, trims weekly gains.

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• AUD/USD takes offers to refresh intraday low, trims weekly gains.
• Bearish moving average crossover, pullback from nearby horizontal resistance favor sellers.
• 61.8% Fibonacci retracement level lures bears, upside momentum needs to cross 0.7050 to convince buyers.

The pair currently trades last at 0.69550.

The previous day high was 0.6992 while the previous day low was 0.6899. The daily 38.2% Fib levels comes at 0.6956, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6934, expected to provide support.

AUD/USD consolidates the biggest daily gains in a fortnight as it drops back to 0.6955 during Friday’s Asian session. In doing so, the Aussie pair extends pullback from a three-week-old horizontal resistance area while portraying a death cross between the 50-SMA and the 200-SMA.

Given the bearish moving average crossover and the pair’s inability to surpass the short-term key hurdle, the AUD/USD sellers have a brighter scope of return.

That said, a convergence of the aforementioned SMAs around 0.6935-30 appears the immediate important support before directing the quote back to the 61.8% Fibonacci retracement level of July-August upside, near 0.6850.

It’s worth noting that the 50% Fibonacci retracement level near 0.6910 and 0.6800 are some extra filters to the south to watch for the AUD/USD bears.

On the flip side, the recovery moves remain elusive until the quote stays below the stated horizontal resistance area, around 0.6980-90. Also acting as the upside hurdle is the 0.7000 threshold.

Above all, AUD/USD bulls need validation from the early August swing high near 0.7050 to retake control.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6955 at the time of writing. Pair opened at 0.6981 and is trading with a change of -0.37% % .

The pair is trading below its 20 Daily moving average @ 0.6974, above its 50 Daily moving average @ 0.6916 , below its 100 Daily moving average @ 0.7033 and below its 200 Daily moving average @ 0.7134

The previous day high was 0.6992 while the previous day low was 0.6899. The daily 38.2% Fib levels comes at 0.6956, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6934, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6922, 0.6864, 0.6829
• Pivot resistance is noted at 0.7016, 0.7051, 0.7109

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