AUD/USD Price Analysis: At cross-roads below key 200-DMA

The AUD/USD closed the week with a 0.33% decline, struggling to maintain levels above 0.6600 and remaining within a range-bound pattern. The pair faced challenges in sustaining gains above the 200-day moving average (DMA) at 0.6576, prompting close monitoring of potential upward trends.

Closing the week at 0.6573, the AUD/USD experienced a more than 0.15% drop on Friday, accumulating a total loss of 0.33% throughout the week. The inability to stay above the 0.6600 mark intensified the downward movement, leading to a breach below the crucial 200-day moving average.

Despite sideways trading, buyers struggled to hold onto the 200-DMA at 0.6576, indicating a tussle for control. Following a dip toward 0.6524 in January, the pair made gains within the 0.6550/0.6600 range but faced difficulty decisively surpassing the 0.6600 threshold, creating possibilities for a retracement.

Key support levels are identified beneath the current exchange rate, including the daily low of 0.6551 on January 23 and the swing low of 0.6524 on January 17. A break below these levels would leave buyers with a final defense at the 0.6500 mark before potentially dropping to the November 17, 2023, low of 0.6452.

On a positive note, if buyers manage to reclaim the 200-DMA, a potential rally could extend beyond the 0.6600 mark, targeting the high of January 24 at 0.6620. Further upward movement may encounter resistance at the 50-DMA, positioned at 0.6652.

AUD/USD Price Action – Daily Chart

AUD/USD Key Levels


Today last price0.6581
Today Daily Change-0.0003
Today Daily Change %-0.05
Today daily open0.6584
Daily SMA200.6663
Daily SMA500.6659
Daily SMA1000.6526
Daily SMA2000.6578
Previous Daily High0.661
Previous Daily Low0.6566
Previous Weekly High0.6705
Previous Weekly Low0.6525
Previous Monthly High0.6871
Previous Monthly Low0.6526
Daily Fibonacci 38.2%0.6593
Daily Fibonacci 61.8%0.6583
Daily Pivot Point S10.6563
Daily Pivot Point S20.6543
Daily Pivot Point S30.6519
Daily Pivot Point R10.6607
Daily Pivot Point R20.663
Daily Pivot Point R30.6651

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