#AUDUSD @ 0.66346 picks up bids to refresh intraday high, extends the previous day’s rebound., @nehcap view: Limited upside expected (Pivot Orderbook analysis)

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• AUD/USD picks up bids to refresh intraday high, extends the previous day’s rebound.
• Downbeat oscillators fail to back Thursday’s U-turn from 38.2% Fibonacci retracement.
• Bottom line of bullish channel prods Aussie pair’s immediate upside.

The pair currently trades last at 0.66346.

The previous day high was 0.6636 while the previous day low was 0.6595. The daily 38.2% Fib levels comes at 0.662, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6611, expected to provide support.

AUD/USD stays on the front foot around 0.6640 as it defends the previous day’s gains after bouncing off a six-week low. In doing so, the Aussie pair approaches the support-turned-resistance line stretched from early March, forming part of the previous bullish channel.

It’s worth noting, however, that the bearish MACD signals and sluggish RSI (14), can challenge the AUD/USD bulls around the 0.6655 previous support.

In a case where the Aussie buyers manage to cross the 0.6655 hurdle, its run-up towards the 50% Fibonacci retracement level of the June-October 2022 downturn, near 0.6725, can’t be ruled out.

However, the 100-DMA and the top line of the aforementioned channel, respectively near 0.6795 and 0.6835, can challenge the AUD/USD bulls afterward.

Should the Aussie pair buyers manage to keep the reins past 0.6835, they can retake the driver’s seat.

Meanwhile, the 38.2% Fibonacci retracement level of 0.6595 restricts the immediate downside of the AUD/USD pair. Following that, the yearly low marked in March around 0.6565 will be in the spotlight.

If the AUD/USD bears manage to conquer the 0.6565 support, multiple levels near 0.6530-25 can challenge the Aussie pair’s downside before giving control to the sellers.

Overall, AUD/USD remains on the bear’s radar even if the upside room appears limited.

Trend: Limited upside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6635 at the time of writing. Pair opened at 0.663 and is trading with a change of 0.08% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6694, 50 SMA 0.6703, 100 SMA @ 0.6795 and 200 SMA @ 0.6738.

The previous day high was 0.6636 while the previous day low was 0.6595. The daily 38.2% Fib levels comes at 0.662, expected to provide support. Similarly, the daily 61.8% fib level is at 0.6611, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.6605, 0.658, 0.6565
• Pivot resistance is noted at 0.6645, 0.6661, 0.6686

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