#AUDUSD @ 0.66995 AUDUSD snaps two-day downtrend, pares the first weekly loss in five., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• AUDUSD snaps two-day downtrend, pares the first weekly loss in five.
• Two-day-old descending resistance line challenges buyers amid downbeat oscillators.
• Convergence of 200-EMA, fortnight-long ascending trend line appears a tough nut to crack for the bears.

The pair currently trades last at 0.66995.

The previous day high was 0.6751 while the previous day low was 0.6634. The daily 38.2% Fib levels comes at 0.6679, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6707, expected to provide resistance.

AUDUSD remains mildly bid around 0.6700 as bears take a breather after a two-day downtrend during Friday’s Asian session.

In doing so, the Aussie pair keeps the late Thursday’s rebound from the 50-bar Exponential Moving Average (EMA) to trim the first weekly loss in five.

That said, the quote’s latest upside approaches a downwards-sloping trend line from Wednesday, around 0.6730, to convince buyers.

Following that, a run-up towards refreshing the monthly top, currently around 0.6800, can’t be ruled out.

However, the bearish signals from the Moving Average Convergence and Divergence (MACD) join the steady Relative Strength Index (RSI), placed at 14, to keep the sellers hopeful.

As a result, the quote’s pullback towards the 50-EMA, close to 0.6640 at the latest, appears more likely.

It’s worth noting, however, that the AUDUSD weakness past 0.6640 could quickly drag the pair towards the 50% Fibonacci retracement level of November 03-15 upside, near 0.6535.

Though, the 200-EMA and an ascending trend line from November 03, close to 0.6520 as we write, could challenge the AUDUSD bears afterward.

Overall, the AUDUSD price remains on the bear’s radar unless it stays below 0.67360 hurdle.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6702 at the time of writing. Pair opened at 0.669 and is trading with a change of 0.18% % .

The pair is trading above its 20 Daily moving average @ 0.6499, above its 50 Daily moving average @ 0.6498 , above its 100 Daily moving average @ 0.6697 and below its 200 Daily moving average @ 0.695

The previous day high was 0.6751 while the previous day low was 0.6634. The daily 38.2% Fib levels comes at 0.6679, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6707, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6632, 0.6575, 0.6515
• Pivot resistance is noted at 0.6749, 0.6809, 0.6867

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