#AUDUSD @ 0.68254 takes offers to refresh intraday low, reverses from 6.5-month-old resistance line., @nehcap view: Limited downside expected (Pivot Orderbook analysis)

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• AUD/USD takes offers to refresh intraday low, reverses from 6.5-month-old resistance line.
• Sluggish oscillators add strength to the pullback moves targeting November’s peak.
• Three-week-old ascending trend line, 100-DMA challenge bears before giving them control.

The pair currently trades last at 0.68254.

The previous day high was 0.6882 while the previous day low was 0.681. The daily 38.2% Fib levels comes at 0.6854, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6838, expected to provide resistance.

AUD/USD stands on slippery grounds as it drops to 0.6825 while refreshing daily low during early Thursday morning in Europe.

In doing so, the Aussie pair reverses from the downward-sloping resistance line from early June. Given the sluggish prints of the RSI and MACD, the latest pullback from an important hurdle is likely to extend.

However, multiple tops marked since mid-November, near the 0.6800 round figure, could challenge the AUD/USD bears.

Following that, a south-run towards a three-week-long support line, close to 0.6710 at the latest, can’t be ruled out.

In a case where the AUD/USD pair remains bearish past 0.6710, the July low near 0.6680 and the 100-DMA level surrounding 0.6675 by the press time, could challenge the quote’s further downside.

On the flip side, recovery moves need to provide a daily closing beyond the 6.5-month-old resistance line, currently near 0.6880, to recall the AUD/USD bulls.

Even so, the monthly high near 0.6900 and the 50% Fibonacci retracement level of the pair’s April-October downside, near 0.6915, could challenge the upside momentum before highlighting the 0.7000 psychological magnet for the buyers.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6829 at the time of writing. Pair opened at 0.6863 and is trading with a change of -0.50% % .

The pair is trading above its 20 Daily moving average @ 0.6737, above its 50 Daily moving average @ 0.6546 , above its 100 Daily moving average @ 0.6676 and below its 200 Daily moving average @ 0.6903

The previous day high was 0.6882 while the previous day low was 0.681. The daily 38.2% Fib levels comes at 0.6854, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6838, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6821, 0.678, 0.6749
• Pivot resistance is noted at 0.6893, 0.6923, 0.6965

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