The AUDUSD currency pair, currently priced at 0.64729, has experienced a recovery after reaching a new low for the year on Wednesday, mainly due to a slight decline in the value of the US dollar.
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- AUD/USD rebounds from a fresh YTD low touched on Wednesday amid a modest USD slide.
The pair currently trades last at 0.64729.
The previous day high was 0.6522 while the previous day low was 0.6452. The daily 38.2% Fib levels comes at 0.6478, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6495, expected to provide resistance.
The AUD/USD pair stages a goodish intraday recovery from the 0.6430-0.6425 region, or its lowest level since November 2022 touched this Wednesday and builds on the momentum through the early part of the European session. Spot prices climb to a fresh daily top, around the 0.6480 region in the last hour and for now, seem to have snapped a six-day losing streak.
Retreating US Treasury bond yields, along with a positive tone around the US equity futures, exerts downward pressure on the safe-haven US Dollar (USD) and prompts some short-covering around the AUD/USD pair. That said, growing concerns about the worsening economic conditions in China might cap gains for the China-proxy Aussie. Traders might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of the FOMC meeting minutes, due for release later during the US session.
From a technical perspective, the momentum lifts the AUD/USD pair beyond the 23.6% Fibonacci retracement level of the recent downfall witnessed over the past week or so. Moreover, oscillators on the 1-hour chart have just started gaining positive traction and support prospects for further intraday appreciating move. Hence, a subsequent strength towards a confluence hurdle near the 0.6500 psychological mark, comprising the 100-hour Simple Moving Average (SMA) and the 38.2% Fibo., looks like a distinct possibility.
That said, technical indicators on the daily chart are holding deep in the bearish territory and suggest that the recovery move could run out of steam near the weekly peak, around the 0.6520 area, set on Tuesday. The said area marks another confluence, comprising the 200-hour SMA and the 50% Fibo. level, which should now act as a key pivotal point. A sustained strength beyond might suggests that the AUD/USD pair has bottomed and shift the bias in favour of bulls, paving the way for some meaningful recovery.
On the flip side, the YTD low, around the 0.6430-0.6425 region, now seems to protect the immediate downside ahead of the 0.6400 round-figure mark. Some follow-through selling will be seen as a fresh trigger for bearish traders and set the stage for the resumption of the recent downward trajectory witnessed over the past month or so, from the 0.6900 double-top resistance. The AUD/USD pair might then weaken further towards the 0.6360 intermediate support en route to the 0.63000 mark and the 0.6265 zone.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6476 at the time of writing. Pair opened at 0.6455 and is trading with a change of 0.33 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6476 |
| 1 | Today Daily Change | 0.0021 |
| 2 | Today Daily Change % | 0.3300 |
| 3 | Today daily open | 0.6455 |
The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6626, 50 SMA 0.6693, 100 SMA @ 0.6678 and 200 SMA @ 0.6737.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6626 |
| 1 | Daily SMA50 | 0.6693 |
| 2 | Daily SMA100 | 0.6678 |
| 3 | Daily SMA200 | 0.6737 |
The previous day high was 0.6522 while the previous day low was 0.6452. The daily 38.2% Fib levels comes at 0.6478, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6495, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.643, 0.6405, 0.6359
- Pivot resistance is noted at 0.6501, 0.6547, 0.6571
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6522 |
| Previous Daily Low | 0.6452 |
| Previous Weekly High | 0.6617 |
| Previous Weekly Low | 0.6486 |
| Previous Monthly High | 0.6895 |
| Previous Monthly Low | 0.6599 |
| Daily Fibonacci 38.2% | 0.6478 |
| Daily Fibonacci 61.8% | 0.6495 |
| Daily Pivot Point S1 | 0.6430 |
| Daily Pivot Point S2 | 0.6405 |
| Daily Pivot Point S3 | 0.6359 |
| Daily Pivot Point R1 | 0.6501 |
| Daily Pivot Point R2 | 0.6547 |
| Daily Pivot Point R3 | 0.6571 |
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