#AUDUSD @ 0.66207 stays defensive after reversing from 12-day-old resistance line., @nehcap view: Further weakness expected (Pivot Orderbook analysis)

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• AUD/USD stays defensive after reversing from 12-day-old resistance line.
• Failure to cross previous support line, easing bullish bias of MACD signals favors Aussie pair sellers.
• RBA is expected to keep monetary policy intact but a surprise move could propel prices beyond 200-SMA key hurdle.

The pair currently trades last at 0.66207.

The previous day high was 0.6668 while the previous day low was 0.6607. The daily 38.2% Fib levels comes at 0.6645, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6631, expected to provide resistance.

AUD/USD portrays pre-RBA consolidation as it prints mild losses around 0.6630 during early Tuesday. In doing so, the Aussie pair defends the previous day’s U-turn from a two-week-old resistance line ahead of the Reserve Bank of Australia (RBA) Interest Rate Decision.

Also read: AUD/USD eases towards 0.6600 with eyes on RBA Interest Rate Decision

Not only the AUD/USD pair’s U-turn from a short-term resistance line but the inability to cross the previous support line from early March, now immediate resistance near 0.6655, also keeps the Aussie pair sellers hopeful.

Furthermore, the MACD signals appear losing bullish bias and hence the downside move can’t be ignored. However, it all depends upon the RBA’s readiness to match the market forecasts of announcing no change to its current monetary policy.

That said, the 0.6600 round figures can lure intraday sellers of the AUD/USD pair before the latest swing low near 0.6575.

However, the yearly low marked in March, around 0.6565, as well as the 0.6530-25 support zone comprising tops marked in October-November 2022, will be important to watch afterward.

Meanwhile, the support-turned-resistance line joins the 61.8% Fibonacci retracement levels of the pair’s March-April upside, close to 0.6655-60, to restrict the immediate upside of the AUD/USD pair.

Following that, the 200-SMA and the 50% Fibonacci retracement level could challenge the Aussie pair buyers near 0.6685-90.

Trend: Further weakness expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6625 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 @ 0.6683, 50 SMA 0.6692, 100 SMA @ 0.6792 and 200 SMA @ 0.6735.

The previous day high was 0.6668 while the previous day low was 0.6607. The daily 38.2% Fib levels comes at 0.6645, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6631, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6603, 0.6575, 0.6542
• Pivot resistance is noted at 0.6663, 0.6696, 0.6724

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