AUDUSD UPDATE : AUDUSD Price Analysis Extends pullback from 50-HMA towards 0.6700
- AUD/USD reverses the previous day’s corrective pullback from two-year low.
- Impending bear cross on MACD, downbeat RSI hints at the quote’s further weakness.
- Weekly support line lures sellers, bulls need validation from fortnight-old horizontal area.
AUDUSD UPDATE : AUD/USD flirts with an intraday low near 0.6740 as it retreats from the 50-HMA during Wednesday’s Asian session. In doing so, the Aussie pair also reverses from a broad horizontal area established from July’s start.
In addition to the pullback from the short-term key hurdles, a looming bear cross on the MACD and downward sloping RSI (14), not oversold, also keeps AUD/USD sellers hopeful.
That said, the recent multi-month low of 0.6710 appears immediate support for the pair traders to watch ahead of a one-week-old descending trend line, close to the 0.6700 threshold.
AUDUSD UPDATE : Also acting as the downside filter is March 2020 top surrounding 0.6685.
Meanwhile, the 50-HMA guards the quote’s immediate recovery moves around 0.6760 before the previously mentioned resistance area, between 0.6765 and 0.6780, plays its role.
Should the AUD/USD prices rise beyond 0.6780, the pair buyers may brace for the monthly high of 0.6900.
Overall, AUD/USD holds its bearish bias but the downside appears limited.
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