Search ForexCrunch

   “¢   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

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