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AUD/USD Technical Analysis: Set-up favors further downside but bears seemed reluctant ahead of RBA on Tuesday

• The pair failed to capitalize on the weekly bullish gap and once again, for the third straight session, faced rejection near 50-hour SMA despite the latest US-China trade optimism.

• The fact that the pair remains well below important intraday moving averages – 50, 100 & 200-hour SMA, clearly points to an extension of the recent bearish slide from the 0.7200 handle.

• Bearish technical indicators on hourly/daily charts point further reinforce the negative outlook, albeit seemed reluctant to place aggressive bid ahead of Tuesday's RBA decision.

• Hence, it would be prudent to wait for a convincing break through a strong horizontal support near the 0.7070-65 region before positioning for any further near-term depreciating move.

AUD/USD 1-hourly chart

AUD/USD

Overview:
Today Last Price: 0.7084
Today Daily change %: 0.13%
Today Daily Open: 0.7075
Trends:
Daily SMA20: 0.7131
Daily SMA50: 0.7133
Daily SMA100: 0.7164
Daily SMA200: 0.7252
Levels:
Previous Daily High: 0.7123
Previous Daily Low: 0.7069
Previous Weekly High: 0.7199
Previous Weekly Low: 0.7069
Previous Monthly High: 0.7285
Previous Monthly Low: 0.7053
Daily Fibonacci 38.2%: 0.709
Daily Fibonacci 61.8%: 0.7102
Daily Pivot Point S1: 0.7055
Daily Pivot Point S2: 0.7035
Daily Pivot Point S3: 0.7001
Daily Pivot Point R1: 0.7109
Daily Pivot Point R2: 0.7143
Daily Pivot Point R3: 0.7163