#AUDUSD @ 0.66675 struggles for directions after reversing from six-week high., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD struggles for directions after reversing from six-week high.
• Below 50 RSI (14), receding bearish bias of MACD signals favor corrective bounce off the key Fibonacci retracement.
• Clear downside break of one-month-old ascending trend line keeps sellers hopeful.

The pair currently trades last at 0.66675.

The previous day high was 0.6691 while the previous day low was 0.6641. The daily 38.2% Fib levels comes at 0.6672, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.666, expected to provide support.

AUD/USD seesaws around 0.6670 as it seeks fresh clues to extend the previous day’s rebound from the 61.8% Fibonacci retracement level of its March-April upside.

Even if the Aussie pair struggles to extend the previous day’s recovery from the key Fibonacci retracement, also known as the “golden ratio”, a sustained downside break of the one-month-old ascending trend line, now immediate resistance near 0.6690, keeps bears hopeful.

Also challenging the AUD/USD buyers is the recently easing RSI (14) line, suggesting dip-buying, as well as the improving MACD line from the bearish territory.

It’s worth noting, however, that an upside break of the support-turned-resistance line of near 0.6690 isn’t an open invitation to the AUD/USD bulls as a convergence of the 50-SMA and 38.2% Fibonacci retracement level, around 0.6705, appears a tough nut to crack for the bulls.

Following that, a 13-day-old horizontal area near 0.6760 could challenge the upside momentum near 0.6755-60.

On the flip side, the 61.8% Fibonacci retracement level of around 0.6650 acts as a short-term key support to watch during the AUD/USD pair’s fresh downside.

In a case where the Aussie pair remains bearish past 0.6650, multiple levels near 0.6630 can test the sellers before directing them to the previous monthly low of near 0.6560.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6673 at the time of writing. Pair opened at 0.6674 and is trading with a change of -0.01% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6688, 50 SMA 0.6784, 100 SMA @ 0.68 and 200 SMA @ 0.6748.

The previous day high was 0.6691 while the previous day low was 0.6641. The daily 38.2% Fib levels comes at 0.6672, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.666, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6646, 0.6618, 0.6596
• Pivot resistance is noted at 0.6696, 0.6719, 0.6746

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