#AUDUSD @ 0.67709 remains depressed around intraday low during the first loss-making day in four., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD remains depressed around intraday low during the first loss-making day in four.
• Bearish MACD signals, failure to cross weekly resistance line keep sellers hopeful.
• Buyers need validation from monthly high to retake control.

The pair currently trades last at 0.67709.

The previous day high was 0.6814 while the previous day low was 0.6744. The daily 38.2% Fib levels comes at 0.6787, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.677, expected to provide support.

AUD/USD retreats to 0.6775 as it defies the three-day winning streak heading into Monday’s European session. In doing so, the Aussie pair retreats toward the 200-Hour Moving Average (HMA) amid the bearish MACD signals.

It’s worth noting that the quote’s failure to cross a one-week-old ascending trend line also contributes to the bearish bias.

That said, the AUD/USD weakness past the 200-HMA level of 0.6755 will aim for the 50% Fibonacci retracement level of the pair’s November 29 to December 05 upside, near .6745.

However, a two-week-old horizontal support area surrounding 0.6670 appears a tough nut to crack for the AUD/USD bears.

In a case where AUD/USD remains bearish past 0.6670, a downward trajectory towards the late November swing low near 0.6585 can’t be ruled out.

Meanwhile, recovery moves may initially confront the 23.6% Fibonacci retracement level round the 0.6800 round figure before challenging an upward-sloping resistance line near 0.6825.

Even if the AUD/USD bulls manage to cross the 0.6825 hurdle, the monthly high of 0.6850 will act as an extra upside filter to challenge the pair’s further advances.

Overall, AUD/USD is likely to witness a short-term pullback but the bulls remain hopeful unless witnessing a clear downside break of 0.6670.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6774 at the time of writing. Pair opened at 0.6795 and is trading with a change of -0.31% % .

The pair is trading above its 20 Daily moving average @ 0.6724, above its 50 Daily moving average @ 0.6527 , above its 100 Daily moving average @ 0.668 and below its 200 Daily moving average @ 0.691

The previous day high was 0.6814 while the previous day low was 0.6744. The daily 38.2% Fib levels comes at 0.6787, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.677, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6754, 0.6714, 0.6684
• Pivot resistance is noted at 0.6824, 0.6854, 0.6894

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