AUD/USD Price Analysis: Mildly bid inside the bear flag, 0.7005 is the key

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Technical levels to AUD/USD
  • AUD/USD consolidates recent losses inside bearish chart pattern.
  • Monthly resistance line, 200-SMA also challenge bulls, RSI hints at further grinding towards the south.
  • November 2020 low acts as extra support before theoretical target near 0.6825.

AUD/USD struggles to extend corrective pullback from yearly low, retreats to 0.7015 heading into Monday’s European session. The Aussie pair portrays a short-term bearish chart pattern, called bear flag, on the 30-minute play, up 0.17% intraday at the latest.

It should be noted, however, that the RSI line hints at further consolidation of the prices before confirming the formation with a downside break of 0.7005 support.

Also adding to the downside filter is the November 2020 low near 0.6990.

If the quote drops below 0.6990, it becomes vulnerable, at least theoretically, to aim for the 0.6825 support level.

Meanwhile, recovery moves remain elusive below the upper line of the stated flag, near 0.7035 at the latest.

Additionally challenging AUD/USD buyers is a downward sloping trend line from December 01 and 200-DMA, respectively near 0.7050 and 0.7100.

AUD/USD Price Analysis: 30-minute chart

AUD/USD Price Analysis

Trend: Further weakness expected

ADDITIONAL IMPORTANT LEVELS

OVERVIEW
Today last price0.7015
Today Daily Change0.0011
Today Daily Change %0.16%
Today daily open0.7004
TRENDS
Daily SMA200.723
Daily SMA500.7325
Daily SMA1000.7326
Daily SMA2000.75
LEVELS
Previous Daily High0.7102
Previous Daily Low0.6993
Previous Weekly High0.7174
Previous Weekly Low0.6993
Previous Monthly High0.7537
Previous Monthly Low0.7063
Daily Fibonacci 38.2%0.7035
Daily Fibonacci 61.8%0.706
Daily Pivot Point S10.6964
Daily Pivot Point S20.6924
Daily Pivot Point S30.6855
Daily Pivot Point R10.7073
Daily Pivot Point R20.7142
Daily Pivot Point R30.7182
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