- Analytics
- News and Tools
- Market News
- AUD/USD Price Analysis: 21-DMA probes rebound from fortnight low around 0.7100
AUD/USD Price Analysis: 21-DMA probes rebound from fortnight low around 0.7100
- AUD/USD picks up bids to consolidate the biggest daily fall in a month.
- Sustained break of 21-DMA, downbeat RSI, MACD signals keep sellers hopeful.
- 200-DMA appears a tough nut to crack for buyers.
AUD/USD licks its wounds around the lowest levels in two weeks, picking bids to pierce 0.7100 during early Friday morning in Europe.
Even so, the Aussie pair’s successful downside break of the 21-DMA, the first in three weeks, joins the sluggish RSI and MACD’s impending bear cross to favor sellers until the quote stays below the 21-DMA hurdle of 0.7115.
That said, the pair’s recovery past 0.7115 won’t be an open invitation to the AUD/USD bulls as a convergence of the 200-DMA and a 50% Fibonacci retracement of April-May fall, around 0.7245-50, appears strong resistance to challenge the further upside.
Alternatively, fresh downside moves can aim for early May’s swing low near 0.7030 ahead of challenging the 0.7000 round figure.
Following that, a one-month-old horizontal area surrounding 0.6950 will be crucial to watch for the AUD/USD bears.
Overall, AUD/USD prices are likely to witness further downside despite the latest attempts to recover the weekly loss, the first in four weeks.
AUD/USD: Daily chart
Trend: Further weakness expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
