#AUDUSD @ 0.67318 has rebounded after sensing a cushion around 0.6700 amid a recovery in investors’ risk appetite. (Pivot Orderbook analysis)

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• AUD/USD has rebounded after sensing a cushion around 0.6700 amid a recovery in investors’ risk appetite.
• Hopes for a bullish reversal will be fueled further in case AUD/USD delivers a break above the 50-EMA.
• A 40.00-60.00 range oscillation by the RSI (14) indicates indecisiveness among the market participants.

The pair currently trades last at 0.67318.

The previous day high was 0.6784 while the previous day low was 0.6695. The daily 38.2% Fib levels comes at 0.675, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6729, expected to provide support.

The AUD/USD pair has shown a recovery move after defending the round-level support of 0.6700 in the early Asian session. A loss in the downside momentum is exhausted, however, the Aussie asset would get a sense of confidence only after a confident break above the immediate resistance of 0.6740.

S&P500 futures are displaying nominal losses after a meaningful recovery, portraying a caution in the overall risk appetite theme. The struggle from the US Dollar Index (DXY) for recapturing the 105.00 resistance continues amid a recovery in the risk-on market mood. Meanwhile, the 10-year US Treasury yields are looking to continue their upside momentum above 4.06%.

A double bottom chart formation on a two-hour scale by AUD/USD around March 01 low at 0.6700 has triggered the case of a bullish reversal. The Australian Dollar tested March 01 low at 0.6700 with less selling pressure, which propelled the responsive buying from the market participants. The downward-sloping trendline plotted from February 14 high at 0.7030 has acted as a major barricade for the Australian Dollar.

Hopes for a bullish reversal will be fueled further in case the AUD/USD pair delivers a break above the 50-period Exponential Moving Average (EMA) at 0.6750.

The Relative Strength Index (RSI) (14) is still oscillating in the 40.00-60.00, indicating indecisiveness among the market participants.

A confident break above March 01 high at 0.6784 will send the asset toward the round-level resistance at 0.6800 followed by February 06 low at 0.6855.

In an alternate scenario, a slippage below March 01 low around 0.6700 will drag the Aussie toward December 07 low at 0.6669 and December 20 low at 0.6629.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6733 at the time of writing. Pair opened at 0.6754 and is trading with a change of -0.31 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6879, 50 SMA 0.6896, 100 SMA @ 0.6739 and 200 SMA @ 0.6796.

The previous day high was 0.6784 while the previous day low was 0.6695. The daily 38.2% Fib levels comes at 0.675, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6729, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6705, 0.6656, 0.6617
• Pivot resistance is noted at 0.6794, 0.6833, 0.6882

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