The AUDUSD pair continues to stay on the defensive near the 0.6660 level on Friday, experiencing a 0.61% decline throughout the day.

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• AUD/USD remains on a defensive around the 0.6660 area on Friday, losing 0.61% on the day.

The pair currently trades last at 0.66637.

The previous day high was 0.6821 while the previous day low was 0.6698. The daily 38.2% Fib levels comes at 0.6745, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6774, expected to provide resistance.

The AUD/USD pair remains under pressure and trades on a defensive note around the 0.6660 mark during the Asian session on Friday. The prevalent US Dollar buying bias following the upbeat US economic data released supports the US Dollar and exerts pressure on AUD/USD. The major pair currently trades around 0.6665, losing 0.61% for the day.

The encouraging second-quarter US GDP growth, solid Durable Goods, and consistently tight labor market conditions suggest that the Federal Reserve (Fed) may decide to hike interest rates further. The US real Gross Domestic Product (GDP) rose at a 2.4% annualized rate in the second quarter, above the market estimate of 1.8% by a wide margin and following the 2% growth recorded in the first quarter.

From a technical perspective, AUD/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the one-hour chart, which means further downside looks favorable.

That said, any intraday pullback below 0.6625 (Low of July 10) would expose the critical support level of the 0.6600 area, representing a psychological round mark and a low of July 6. Further south, the next stop of the AUD/USD is located at 0.6565 (Low of June 1) and finally at 0.6500 (a psychological round figure).

Looking at the upside, some follow-through buying towards a psychological round mark and a low of July 27, around 0.6700, will see a rally to the next barrier at 0.6740. The mentioned level highlights the confluence of a low on July 26 and the 50-hour EMA. Following that, AUD/USD has room to test the additional upside filter at 0.6755 (100-hour EMA) and 0.6795–0.6800 (a psychological mark, a high of July 25).

The Relative Strength Index (RSI) lines in the oversold condition and Moving Average Convergence Divergence (MACD) stands in the bearish territory, challenging the pair’s immediate downside for the time being.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6661 at the time of writing. Pair opened at 0.6709 and is trading with a change of -0.72 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6739, 50 SMA 0.6698, 100 SMA @ 0.6692 and 200 SMA @ 0.6727.

The previous day high was 0.6821 while the previous day low was 0.6698. The daily 38.2% Fib levels comes at 0.6745, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6774, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6665, 0.662, 0.6542
• Pivot resistance is noted at 0.6788, 0.6866, 0.6911

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