AUD/USD Price Analysis: Corrective Bounce Remains Elusive Below 0.6700
AUD/USD refreshes intraday high near 0.6665 as it bounces off short-term key support to print the first daily gains in three amid early Monday. In doing so, the Aussie pair also justifies the RSI (14) line’s rebound from the oversold territory.
It’s worth noting, that the bullish MACD signals also favor the AUD/USD pair’s U-turn from a two-week-old horizontal support zone surrounding 0.6640.
However, the 61.8% Fibonacci retracement level of the pair’s run-up from April 28 to May 10, close to 0.6670, precedes a downward-sloping resistance line from May 10, near 0.6680 at the latest, to restrict short-term AUD/USD rebound.
Even if the AUD/USD pair rises past 0.6680, the 200-HMA and a horizontal area comprising multiple levels marked since May 05, close to 0.6750, can challenge the buyers before giving them control.
Alternatively, a downside break of the aforementioned horizontal support near 0.6640 won’t hesitate to challenge the late April swing low of around 0.6575.
Following that, the yearly low marked in March around 0.6565 may act as an extra filter towards the south.
Overall, the AUD/USD pair is likely to keep the latest recovery but the upside room appears limited.
AUD/USD: Hourly chart
(Click on image to enlarge)
Trend: Limited recovery expected
ADDITIONAL IMPORTANT LEVELS
OVERVIEW | |
---|---|
Today last price | 0.6661 |
Today Daily Change | 0.0017 |
Today Daily Change % | 0.26 |
Today daily open | 0.6644 |
TRENDS | |
---|---|
Daily SMA20 | 0.6691 |
Daily SMA50 | 0.6683 |
Daily SMA100 | 0.679 |
Daily SMA200 | 0.6724 |
LEVELS | |
---|---|
Previous Daily High | 0.6706 |
Previous Daily Low | 0.6636 |
Previous Weekly High | 0.6818 |
Previous Weekly Low | 0.6636 |
Previous Monthly High | 0.6806 |
Previous Monthly Low | 0.6574 |
Daily Fibonacci 38.2% | 0.6663 |
Daily Fibonacci 61.8% | 0.668 |
Daily Pivot Point S1 | 0.6618 |
Daily Pivot Point S2 | 0.6592 |
Daily Pivot Point S3 | 0.6548 |
Daily Pivot Point R1 | 0.6688 |
Daily Pivot Point R2 | 0.6732 |
Daily Pivot Point R3 | 0.6758 |
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