AUD/USD Price Analysis: Refreshes intraday low, eyes 50-day EMA retest
|- AUD/USD stays heavy around mid-0.7600s, stands on a slippery ground off-late.
- Bearish MACD, notable pullback from 21-day EMA favor sellers.
- Bulls have multiple trend lines as additional barriers to entry.
AUD/USD stays pressured around 0.7645, down 0.50% intraday, during early Friday. The pair dropped to the lowest in a month the previous day before bouncing off 50-day EMA. However, failure to cross 21-day EMA seems to back the latest weakness amid bearish MACD.
With the failures to cross short-term EMA, needless to mention about resistance lines from early January, AUD/USD sellers keep their eyes on the 50-day EMA, around 0.7590. During the fall, a horizontal area comprising lows marked since December 17, near 0.7645/40, can offer an intermediate halt.
In a case where the AUD/USD bears dominate past-0.7590, the 0.7500 round-figure and December’s low near 0.7460 will be on their radars.
Meanwhile, an upside clearance of 21-day EMA level of 0.7695 will have to cross the 0.7700 threshold before attacking a descending resistance line from January 07, at 0.7755 now.
Should the bullish impulse cross the 0.7755 trend line, another one from January 06, near 0.7780 will lure the AUD/USD buyers.
Overall, AUD/USD is up for correction but the broad bullish trend isn’t faded yet.
AUD/USD daily chart
Trend: 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.