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Bears take a breather on the way to 200-DMA

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  • AUD/USD bounces off intraday low to lick its wounds during three-day losing streak.
  • Successful break of 50-DMA, two-month-old ascending trend line favor sellers.
  • Recovery remains elusive below two-week-old resistance line and weekly top.

 

AUD/USD picks up bids from the intraday low as it consolidates the weekly low around a multi-day bottom during Friday’s Asian session. Even so, the Aussie pair prints mild losses around 0.6865 by the press time.

The quote’s bearish bias takes clues from the previous day’s clear downside break of the 50-DMA, the first since early November. Also favoring the AUD/USD pair sellers was the quote’s decline below the ascending trend line from December 20, 2022. Furthermore, bearish MACD signals are additional catalysts favoring the Aussie pair’s extra fall.

Amid these plays, the AUD/USD pair is all set to drop further toward the 200-DMA support surrounding 0.6805.

However, the 0.6800 round figure and an upward-sloping support line from mid-October 2022, around 0.6770 by the press time, could challenge the pair bears afterward.

On the flip side, the support-turned-resistance line from December and the 50-DMA restrict immediate AUD/USD rebound near 0.6880-90.

Following that, a downward-sloping resistance line from February 02 and the weekly high, around 0.6980 and 0.7030 in that order, could challenge the AUD/USD pair’s run-up.

In a case where the Aussie pair remains firmer past 0.7030, the odds of witnessing a rally toward the monthly peak of 0.7157 can’t be ruled out.

AUD/USD: Daily chart

Trend: Further downside expected

 

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