#AUDUSD @ 0.66616 The Aussie is under growing bearish pressure amid a deteriorating market mood. (Pivot Orderbook analysis)
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- The Aussie is under growing bearish pressure amid a deteriorating market mood.
- The PBoC decision to keep interest rates on hold has increased negative pressure on the Aussie.
- Below 0.6640, the next target is the 0.6520/40 area.
The pair currently trades last at 0.66616.
The previous day high was 0.6729 while the previous day low was 0.6678. The daily 38.2% Fib levels comes at 0.6697, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6709, expected to provide resistance.
The Australian Dollar is accelerating its reversal from Friday’s highs during the European morning session. The sourer market sentiment, with European equity markets turning red after a positive opening, is providing support to the safe-haven US Dollar, and increasing Aussie’s weakness.
The calendar is light today, with US markets closed for the Martin Luther King bank holidays, which results in choppy and volatile trading. Later this week, the US Retail Sales
In Australia, higher TD Securities Inflation data suggests higher price pressures in the coming months. Furthermore, job advertisements increased in December, following three consecutive declines. These figures, however, have failed to provide any significant support to the Aussie.
Earlier today, the People’s Bank of China left its benchmark rate unchanged, disappointing investors who expected a rate cut to support the country’s stuttering economic recovery.
In this context, the China-proxy AUD is under increasing bearish pressure, with bears aiming for a key support area at 0.6640. Below here, the next target would be the 0.6520/40 area. Resistances are 0.6735 and 0.6760.
Technical Levels: Supports and Resistances
AUDUSD currently trading at 0.6656 at the time of writing. Pair opened at 0.6683 and is trading with a change of -0.4 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 0.6656 |
| 1 | Today Daily Change | -0.0027 |
| 2 | Today Daily Change % | -0.4000 |
| 3 | Today daily open | 0.6683 |
The pair is trading below its 20 Daily moving average @ 0.6755, above its 50 Daily moving average @ 0.6632 , above its 100 Daily moving average @ 0.6513 and above its 200 Daily moving average @ 0.6584
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 0.6755 |
| 1 | Daily SMA50 | 0.6632 |
| 2 | Daily SMA100 | 0.6513 |
| 3 | Daily SMA200 | 0.6584 |
The previous day high was 0.6729 while the previous day low was 0.6678. The daily 38.2% Fib levels comes at 0.6697, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6709, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 0.6665, 0.6646, 0.6614
- Pivot resistance is noted at 0.6715, 0.6747, 0.6766
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 0.6729 |
| Previous Daily Low | 0.6678 |
| Previous Weekly High | 0.6735 |
| Previous Weekly Low | 0.6647 |
| Previous Monthly High | 0.6871 |
| Previous Monthly Low | 0.6526 |
| Daily Fibonacci 38.2% | 0.6697 |
| Daily Fibonacci 61.8% | 0.6709 |
| Daily Pivot Point S1 | 0.6665 |
| Daily Pivot Point S2 | 0.6646 |
| Daily Pivot Point S3 | 0.6614 |
| Daily Pivot Point R1 | 0.6715 |
| Daily Pivot Point R2 | 0.6747 |
| Daily Pivot Point R3 | 0.6766 |
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