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- AUD/USD Price Analysis: Break of 0.7125-30 confluence favor sellers
AUD/USD Price Analysis: Break of 0.7125-30 confluence favor sellers
- AUD/USD extends Thursday’s pullback from three-week high, recently refreshed intraday low.
- Bearish MACD signals join downside break of 50-SMA, two-week-old support line to hint at further weakness.
- 200-SMA, recent highs add to the upside filters.
AUD/USD takes offers to refresh intraday low around 0.7110, down 0.70% on a heading into Friday’s European session.
In doing so, the Aussie pair breaks 50-SMA and an upward sloping trend line from January 28.
Given the bearish MACD signals favoring the pair’s latest weakness, further losses remain on the table.
As a result, AUD/USD sellers eye an ascending support line from February 01, near 0.7080 by the press time, as immediate support.
Following that, the 23.6% Fibonacci retracement (Fibo.) of January’s declines, around 0.7050, will precede the 0.7000 threshold on the bear’s radar.
Meanwhile, recovery moves remain elusive below the 200-SMA level of 0.7173. Also challenging the AUD/USD buyers is the 61.8% Fibo. level and the latest high, respectively around 0.7185 and 0.7250.
In a case where the Aussie bulls cross the 0.7250 hurdle, a run-up towards January’s top surrounding 0.7315 can’t be ruled out.
AUD/USD: Four-hour chart
Trend: Further losses expected
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