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AUD/USD Price Analysis: Sellers Head for 0.6800

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AUD/USD Price Analysis: Sellers Head for 0.6800
  • AUD/USD is about to end the week with losses of 1.10%.
  • A bearish candlestick pattern and the RSI crossing below 50 are two reasons that could push AUD/USD lower.
  • AUD/USD sellers are eyeing a break below 0.6900 on its way to 0.6800.

The AUD/USD falls substantially, courtesy of encouraging US economic data, which saw the major currency slump from daily highs around 0.6974 towards daily lows at 0.6869, though as Wall Street closed the Aussie pulled back some of those losses. At the time of writing, the AUD/USD is trading at 0.6910, down 0.82%.

AUD/USD Price Analysis: Technical Outlook

The daily chart of AUD/USD shows the pair below the confluence of the August 4 low and the 50-day EMA around 0.6952. It is worth noting that earlier, the major dipped below the intersection of a 5-month downtrend line and the 20-day EMA around 0.6892, but was short-lived and bounced back towards the current trading level.

Still, AUD/USD has a bearish bias for a few reasons: Firstly, the Relative Strength Index (RSI) has just crossed below the 50 mid-line, indicating that the sellers are gaining momentum. And the second reason would be that the last two daily candles formed a bearish engulfing candlestick pattern, which implies that the sellers outperformed the buyers.

Therefore, the path of least resistance for AUD/USD is to the downside, and the first support for the pair would be 0.6900. Once above, the next stop will be the 20-day EMA at 0.6892, followed by the 0.6800 mark.

Technical levels

AUD/USD

Panorama
Last Price Today 0.6888
Today’s Daily Change -0.0082
Today’s Daily Change % -1.18
Today’s Daily Opening 0.697
Trends
20 Daily SMA 0.6892
50 Daily SMA 0.696
100 Daily SMA 0.7111
200 Daily SMA 0.7164
levels
Previous Daily High 0.6991
Previous Daily Minimum 0.6934
Previous Maximum Weekly 0.7033
Previous Weekly Minimum 0.6879
Monthly Prior Maximum 0.7033
Previous Monthly Minimum 0.668
Daily Fibonacci 38.2% 0.6969
Daily Fibonacci 61.8% 0.6956
Daily Pivot Point S1 0.6939
Daily Pivot Point S2 0.6909
Daily Pivot Point S3 0.6883
Daily Pivot Point R1 0.6996
Daily Pivot Point R2 0.7022
Daily Pivot Point R3 0.7052

Source: Fx Street

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