AUD/USD Price Analysis: Aussie pair extends post-RBA losses towards 0.6630 support confluence

  • AUD/USD reverses Monday’s recovery from three-week low after RBA inaction.
  • RBA disappoints Aussie bulls by keeping rates unchanged for the second consecutive month.
  • Looming death cross, downbeat break of immediate support line favor AUD/USD sellers in aiming 0.6630 key support.
  • Aussie pair remains on the bear’s radar below 0.6800.

AUD/USD drops 0.90% intraday to 0.6655 heading into Tuesday’s European session as the Aussie pair reverses the previous day’s recovery moves after the Reserve Bank of Australia’s (RBA) second consecutive inaction. In doing so, the risk-barometer pair also justifies the downside break of an ascending trend line from Friday, as well as the looming bear cross on the MACD, not to forget the downbeat RSI (14) line.

With this, the Aussie pair appears all set to challenge the convergence of a two-month-old rising support line and 61.8% Fibonacci retracement of the AUD/USD pair’s late May to mid-June upside, near 0.6630.

However, the quote’s further downside appears difficult as the RSI (14) is below 50.0, suggesting bottom-picking.

Hence, the AUD/USD bears will need confirmation of the impending death cross, a condition where the 50-SMA pierces the 200-SMA from above.

Even so, lows marked on June 29 and 05, respectively near 0.6595 and 0.6580, can act as the final defense of the Aussie pair bears.

On the flip side, the support-turned-resistance line, close to 0.6690, quickly followed by the 0.6700 round figure, prods the AUD/USD buyers.

Following that, a convergence of the 50-SMA and 200-SMA, around 0.6735 at the latest, will precede a downward-sloping resistance line from July 13, near 0.6795, to act as the final defense of the AUD/USD bears.

AUD/USD: Four-hour chart

Trend: Further downside expected


Today last price0.666
Today Daily Change-0.0057
Today Daily Change %-0.85%
Today daily open0.6717
Daily SMA200.6741
Daily SMA500.67
Daily SMA1000.6693
Daily SMA2000.6731
Previous Daily High0.674
Previous Daily Low0.6648
Previous Weekly High0.6821
Previous Weekly Low0.6623
Previous Monthly High0.6895
Previous Monthly Low0.6599
Daily Fibonacci 38.2%0.6705
Daily Fibonacci 61.8%0.6683
Daily Pivot Point S10.6664
Daily Pivot Point S20.661
Daily Pivot Point S30.6572
Daily Pivot Point R10.6755
Daily Pivot Point R20.6793
Daily Pivot Point R30.6847
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