“¢ The pair finally broke down of this week’s consolidative trading range and fell to a one-week low, closer to mid-0.7100s during the European trading session on Wednesday.
“¢ A sustained weakness below the 0.7180 strong support was seen as a key trigger for bearish traders, though the selling pressure now seems to have abated near 200-hour SMA.
“¢ Technical indicators on hourly charts have been gaining negative momentum and point to an extension of the recent corrective slide from near 1-month tops set last Friday.
AUD/USD 1-hourly chart
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“¢ However, oscillators on the daily chart have managed to hold in the bullish territory, though have struggled to gain traction, and might help limit any meaningful downside.
“¢ Hence, it would be prudent to wait for a strong follow-through selling before confirming that the pair might have topped out in the near-term and positioning for further decline.
AUD/USD
Overview:
Today Last Price: 0.7179
Today Daily change: -21 pips
Today Daily change %: -0.292%
Today Daily Open: 0.72
Trends:
Previous Daily SMA20: 0.7098
Previous Daily SMA50: 0.7188
Previous Daily SMA100: 0.7174
Previous Daily SMA200: 0.7326
Levels:
Previous Daily High: 0.7226
Previous Daily Low: 0.7179
Previous Weekly High: 0.7236
Previous Weekly Low: 0.7089
Previous Monthly High: 0.7394
Previous Monthly Low: 0.7014
Previous Daily Fibonacci 38.2%: 0.7208
Previous Daily Fibonacci 61.8%: 0.7197
Previous Daily Pivot Point S1: 0.7178
Previous Daily Pivot Point S2: 0.7155
Previous Daily Pivot Point S3: 0.7131
Previous Daily Pivot Point R1: 0.7225
Previous Daily Pivot Point R2: 0.7249
Previous Daily Pivot Point R3: 0.7272
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