AUDUSD remains vulnerable to refresh yearly low past 0.6400A daily closing beneath a nine-month-old rising support line, now resistance around 0.6480, keeps the AUDUSD bears hopeful of witnessing further downside even as the oversold RSI conditions prod the immediate declines. That said, the 78.6% Fibonacci retracement of October 2022 to February 2023 upside, near 0.6380, checks the bears while the last November’s bottom of around 0.6270 can challenge the Aussie pair’s downside afterward. In a case where the quote remains weak past 0.6270, the previously yearly low marked in October around 0.6170 will be in the spotlight.
On the contrary, AUDUSD recovery needs validation from the multi-day-old previous support line, close to 0.6480. Even so, the 10-DMA level surrounding 0.6515 can challenge the buyers before directing them to the lows marked in late June and early July around 0.6600. It’s worth noting that the Aussie pair’s successful trading beyond 0.6600 enables it to aim for the 50% Fibonacci retracement level of near 0.6670 ahead of targeting May’s peak of near 0.6820. Above all, AUDUSD stays on the bear’s radar unless crossing the double tops marked in July close to 0.6900.
Overall, AUDUSD is less likely to return to the buyer’s radar any time soon.
Currenciessignals
GBPUSD bears approach strong support zone amid oversold RSIGBPUSD marked the second consecutive weekly loss, following a U-turn from the 10-DMA on Thursday. That said, bears keep reins around the lowest levels last seen during late December 2021, backed by a downside break of a five-week-old descending trend line. As a result, the pair sellers eye further declines towards the 1.3170-60 area that comprises multiple lows marked during early December 2021. It should be noted, however, that the oversold RSI conditions may challenge the cable sellers, failing to which could direct the quote towards the 61.8% Fibonacci Expansion (FE) of June 2021 to January 2022 moves, near 1.3070. In a case where the pair remains bearish past 1.3070, the odds of the pair’s extended south-run towards the 1.3000 psychological magnet can’t be ruled out.
Meanwhile, corrective pullback needs validation from the 10-DMA, currently around 1.3420. Following that, the mid-February’s low near 1.3485 and the last monthly peak of 1.3645 will gain the market’s attention. It’s worth mentioning that January’s top of 1.3748 will act as the last defense for the GBPUSD pair sellers, following that the bulls will retake control of the pair.
Overall, GBPUSD has little room on the downside as RSI hints at a bounce from the key support zone.