Technical Analysis: Bearish marubozu keeps AUDUSD seller hopeful
Despite recently bouncing off a monthly low, AUDUSD remains pressured around 20-DMA during early Wednesday. The risk-barometer pair dropped the most in a week while flashing a bearish candlestick on the daily chart. The anticipated declines also gain support from the absence of the oversold RSI conditions. However, July’s low of 0.7288 acts as a trigger for the fresh fall. Following that, 23.6% Fibonacci retracement level near 0.7225 and 0.7155 could offer intermediate halts during the south-run targeting the yearly low near 0.7105.
Alternatively, 50% and 61.8% Fibonacci retracements of the pair’s late June to August 20 downside, respectively near 0.7360 and 0.7420, can guard the quote’s rebound. Also challenging AUDUSD bulls is the monthly high near 0.7480. Should the Aussie pair rises past 0.7420, odds of its rally towards the July month’s peak near the 0.7600 level can’t be ruled out.
Alternatively, 50% and 61.8% Fibonacci retracements of the pair’s late June to August 20 downside, respectively near 0.7360 and 0.7420, can guard the quote’s rebound. Also challenging AUDUSD bulls is the monthly high near 0.7480. Should the Aussie pair rises past 0.7420, odds of its rally towards the July month’s peak near the 0.7600 level can’t be ruled out.
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