“¢ The pair held on to the disappointing Aussie GDP-led weakness and now seems to have entered a bearish consolidation phase near the lower end of its daily trading range, or two-month lows.
“¢ A sustained weakness below the 0.7070-65 region, marking 38.2% Fibo. retracement level of the 0.6684-0.7296 recent up-move, was seen as a key trigger for bearish behind the pair’s steep decline.
“¢ The set-up favours an extension of the bearish trajectory, albeit slightly oversold conditions on hourly charts seemed to be the only factor helping limit deeper losses, at least for the time being.
“¢ Nevertheless, the pair remains vulnerable to weaken further, possibly even below the key 0.70 psychological mark, towards testing its next major support near the 0.6970 region.
AUD/USD 4-hourly chart
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AUD/USD
Overview:
Today Last Price: 0.7027
Today Daily change: -59 pips
Today Daily change %: -0.83%
Today Daily Open: 0.7086
Trends:
Daily SMA20: 0.7117
Daily SMA50: 0.7135
Daily SMA100: 0.7163
Daily SMA200: 0.7248
Levels:
Previous Daily High: 0.7097
Previous Daily Low: 0.7059
Previous Weekly High: 0.7199
Previous Weekly Low: 0.7069
Previous Monthly High: 0.7285
Previous Monthly Low: 0.7053
Daily Fibonacci 38.2%: 0.7074
Daily Fibonacci 61.8%: 0.7083
Daily Pivot Point S1: 0.7064
Daily Pivot Point S2: 0.7042
Daily Pivot Point S3: 0.7026
Daily Pivot Point R1: 0.7103
Daily Pivot Point R2: 0.7119
Daily Pivot Point R3: 0.7141
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