AUD/USD Price Analysis: Mildly bid inside the bear flag, 0.7005 is the key
- 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
Trend: Further weakness expected
ADDITIONAL IMPORTANT LEVELS
|Today last price||0.7015|
|Today Daily Change||0.0011|
|Today Daily Change %||0.16%|
|Today daily open||0.7004|
|Previous Daily High||0.7102|
|Previous Daily Low||0.6993|
|Previous Weekly High||0.7174|
|Previous Weekly Low||0.6993|
|Previous Monthly High||0.7537|
|Previous Monthly Low||0.7063|
|Daily Fibonacci 38.2%||0.7035|
|Daily Fibonacci 61.8%||0.706|
|Daily Pivot Point S1||0.6964|
|Daily Pivot Point S2||0.6924|
|Daily Pivot Point S3||0.6855|
|Daily Pivot Point R1||0.7073|
|Daily Pivot Point R2||0.7142|
|Daily Pivot Point R3||0.7182|