AUD/USD Price Analysis: Pressured below two-week-old hurdle under 0.7600
- AUD/USD remains sidelined, pressured of late, as bulls battle key resistance line.
- Receding bullish bias of MACD, sustained trading below 100-SMA favor sellers.
- Three-week-old resistance line adds to the upside filters.
AUD/USD struggles to extend the first weekly gains in three during early Monday. That said, the quote seesaws around 0.7585-90, holds lower ground, by the press time.
In doing so, the Aussie pair buyers jostle with a short-term resistance line amid easing the bullish bias of MACD.
Other than the failures to cross short-term key resistance, coupled with downbeat MACD histogram, the pair’s sustained trading below 100-SMA also back the AUD/USD bears.
However, the last Monday’s top and the weekly support line, around 0.7545, hold the gate for sellers’ entry. Following that, the 0.7500 threshold and the monthly low near 0.7475 will be in the spotlight.
Alternatively, an upside clearance of the stated resistance line near 0.7600 will direct AUD/USD buyers to a 100-SMA level of 0.7647 before attacking a three-week-old horizontal area around 0.7670.
Overall, AUD/USD fades the previous week’s recovery moves but sellers await confirmation.
AUD/USD four-hour chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
