#AUDUSD @ 0.64159 Aussie bulls to test the two-year low at 0.6360. (Pivot Orderbook analysis)

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• Aussie bulls to test the two-year low at 0.6360.
• A bear cross, represented by the 20-and 50-EMAs adds to the downside filters.
• The antipodean has failed to capitalize on the recent DXY’s correction.

The pair currently trades last at 0.64159.

The previous day high was 0.6524 while the previous day low was 0.6392. The daily 38.2% Fib levels comes at 0.6442, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6473, expected to provide resistance.

The AUD/USD pair has rebounded sharply in the Tokyo session after dropping below 0.6400. The rebound move is still a pullback after a healthy decline and should not be considered a reversal for now. Last week, the aussie bulls found a cap at around 0.6530, the level is expected to remain a key hurdle if the asset extends its recovery.

On an hourly scale, the aussie bulls are expected to re-test their two-year low placed at 0.6363, recorded on Wednesday. Traders should be aware of the fact that a recent corrective action in the US dollar index (DXY) is not enjoyed by the commodity-linked currencies while the shared continent and pound region have performed extremely better. Therefore, a pullback move in the DXY will result in a plunge in the antipodean.

The 20-and 50-period Exponential Moving Averages (EMAs) have delivered a bear cross around 0.6480, which indicates more weakness ahead.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a bearish range of 20.00-40.00 but is trying to overstep 40.00.

A drop below the two-year low at 0.6363 will drag the asset towards the 16 April 2020 low at 0.6264, followed by the round-level support at 0.6100.

On the flip side, a break above the previous week’s high at 0.6538 will drive the asset towards and September 22 high at 0.6670 and September 18 high at 0.6734.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.642 at the time of writing. Pair opened at 0.6402 and is trading with a change of 0.28 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6661, 50 SMA 0.6834, 100 SMA @ 0.6904 and 200 SMA @ 0.7076.

The previous day high was 0.6524 while the previous day low was 0.6392. The daily 38.2% Fib levels comes at 0.6442, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6473, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6355, 0.6307, 0.6222
• Pivot resistance is noted at 0.6487, 0.6572, 0.6619

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