#AUDUSD @ 0.67585 picks up bids to extend the previous day’s rebound from two-month-old support., @nehcap view: Limited recovery expected (Pivot Orderbook analysis)

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• AUD/USD picks up bids to extend the previous day’s rebound from two-month-old support.
• Impending bull cross on the MACD hints at further upside momentum.
• Monthly resistance line, 50-DMA restricts short-term advances, bears could aim for 0.6530 support confluence.

The pair currently trades last at 0.67585.

The previous day high was 0.676 while the previous day low was 0.6705. The daily 38.2% Fib levels comes at 0.6739, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.

AUD/USD prints a two-day rebound from an upward sloping support line from July, grinding higher around 0.6760 during early Thursday morning in Europe.

The Aussie pair’s latest recovery also takes clues from the firmer MACD signals to keep buyers hopeful.

However, the 0.6800 threshold and the monthly descending resistance line near 0.6830 could challenge the AUD/USD bulls before directing them to the 50-DMA hurdle surrounding 0.6890.

Should the quote manages to stay firmer past the 50-DMA, the late August swing high near 0.7010 and the previous monthly peak of 0.7136 will gain the buyer’s attention.

On the contrary, pullback moves may have to conquer the aforementioned support line, as well as the yearly low, respectively around 0.6710 and 0.6680, to convince AUD/USD bears.

Following that, a south-run towards the four-month-old downward sloping support line and the 61.8% Fibonacci Expansion (FE) of April-August moves, near 0.6530, can’t be ruled out.

To sum up, AUD/USD is likely to witness short-term upside moves but the overall bearish trend remains intact.

Trend: Limited recovery expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6761 at the time of writing. Pair opened at 0.6749 and is trading with a change of 0.18% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6844, 50 SMA 0.6894, 100 SMA @ 0.6959 and 200 SMA @ 0.7111.

The previous day high was 0.676 while the previous day low was 0.6705. The daily 38.2% Fib levels comes at 0.6739, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6726, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6716, 0.6683, 0.6661
• Pivot resistance is noted at 0.6771, 0.6793, 0.6826

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