AUD/USD Price Analysis: Bears approach 0.7270 short-term key support
|- AUD/USD remains pressured around intraday low after printing the first negative weekly closing in six.
- Clear downside break of fortnight-long rising trend line joins bearish MACD signals to favor sellers.
- 100-SMA, 50% Fibonacci retracement level limits immediate downside.
- Weekly resistance line holds the gate for bull’s welcome.
AUD/USD sellers keep reins around 0.7275 during Monday’s Asian session, following the first negative weekly closing in six.
In doing so, the Aussie pair justifies Friday’s downside break of a two-week-long rising trend line amid bearish MACD signals.
However, a convergence of the 100-SMA and 50% Fibonacci retracement (Fibo.) of the pair’s late February to early March moves offer a tough nut to crack for the AUD/USD sellers around 0.7270.
Should the quote drops below 0.7270, the quote may drop further towards 0.7245 and 61.8% Fibo. level near 0.7225 before targeting the 200-SMA, around 0.7195 by the press time.
Alternatively, the support-turned-resistance line close to 0.7310 challenges the AUD/USD pair’s intraday buyers ahead of the 50-SMA, around 0.7325 at the latest.
Following that, a downward sloping trend line from March 07, near 0.7340, will be crucial for the buyer’s dominance.
AUD/USD: Four-hour chart
Trend: Corrective pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.