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- AUD/USD Price Analysis: Eases from four-month-old resistance around 0.7200
AUD/USD Price Analysis: Eases from four-month-old resistance around 0.7200
- AUD/USD retreats from intraday high, seesaws around the key resistance line after multiple failures to pierce it.
- Momentum line signals further upside, 100-DMA acts as extra hurdle to the north.
- Three-week-old rising trend line, 21-DMA restrict short-term downside.
AUD/USD extends pullback from intraday top to 0.7185, down 0.08% on a day as it flirts with a downward sloping resistance line from October 2021 during Tuesday’s Asian session.
Sustained trading beyond the 21-DMA and an ascending trend line from January 28 joins the rising Momentum line to support AUD/USD buyers.
However, multiple failures to provide a daily closing beyond the aforementioned resistance line near 0.7200 challenge the quote’s further upside.
Even if the AUD/USD prices rise beyond 0.7200 on a daily closing basis, the 100-DMA level of 0.7240 will question the pair buyers.
Alternatively, pullback moves may initially aim for the short-term support line near 0.7150 ahead of testing the 21-DMA level near 0.7130.
Following that, the 0.7050 and December 2021 low near 0.6990 may offer intermediate halts during the fall to challenge the yearly bottom surrounding 0.6965.
AUD/USD: Daily chart
Trend: Bears waiting for entry
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