#AUDUSD @ 0.65147 takes offers to refresh intraday low inside bearish chart formation., @nehcap view: Further downside expected (Pivot Orderbook analysis)

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• AUD/USD takes offers to refresh intraday low inside bearish chart formation.
• Absence of oversold RSI (14) line adds strength to downside bias.
• Aussie pair’s recovery remains elusive unless breaking one-week-old falling resistance line.

The pair currently trades last at 0.65147.

The previous day high was 0.6554 while the previous day low was 0.6514. The daily 38.2% Fib levels comes at 0.6539, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.653, expected to provide resistance.

AUD/USD renews its intraday bottom around 0.6530 as it prints the first daily loss in three amid early Tuesday morning in Europe. In doing so, the Aussie pair fails to cheer broad US Dollar strength amid fears of softer economic growth in Australia.

While portraying the same, the AUD/USD pair prints a bearish flag chart pattern on the hourly timeframe.

Apart from the bearish chart formation, a near 50.0 level of the RSI (14) line allows the Aussie pair sellers to keep the reins.

That said, a convergence of the 50-Hour Moving Average (HMA) and an ascending support line from Friday restricts the AUD/USD pair’s immediate downside to around 0.6530 within the flag.

Following that, the 0.6510 level will be the key as a break of which confirms the bearish chart formation, making it vulnerable to refreshing the yearly low, currently around 0.6490.

It’s worth noting that the bear flag confirmation hints at a theoretical target of around 0.6340.

Meanwhile, the AUD/USD pair’s corrective bounce needs to cross the stated flag’s top line, close to 0.6560 at the latest.

Even so, the 200-HMA and a one-week-old descending resistance line, near 0.6615 by the press time, could challenge the Aussie bulls before giving them control.

Trend: Further downside expected

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6516 at the time of writing. Pair opened at 0.6538 and is trading with a change of -0.34% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6655, 50 SMA 0.6673, 100 SMA @ 0.677 and 200 SMA @ 0.6703.

The previous day high was 0.6554 while the previous day low was 0.6514. The daily 38.2% Fib levels comes at 0.6539, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.653, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6517, 0.6496, 0.6477
• Pivot resistance is noted at 0.6557, 0.6575, 0.6596

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