- July 8, 2021
- Posted by: Analysis Team
- Category: Forex News
- AUD/USD teases intraday low, remains pressured towards yearly low.
- Bearish MACD favors sellers but RSI conditions have a little room before hitting oversold signals.
AUD/USD bears take a breather around 0.7460, intraday low 0.7453, as European traders roll up sleeves for Thursday’s work. In doing so, the Aussie pair prints 0.33% losses on a day to drop for the third consecutive day, also poking the yearly low of 0.7444.
Given the downbeat MACD signals and a pair’s sustained trading below a two-day-old falling trend line, the quote’s further declines can’t be overruled. However, RSI conditions suggest a bump to hit before flashing the oversold signs.
Hence, AUD/USD weakness is all set to refresh the yearly low of 0.7444 but the support line of a downward sloping trend channel from June 18, around 0.7435, could test the bears afterward.
Even if the pair fails to bounce off 0.7435, August 2020 tops near 0.7415 and the 0.7400 threshold could challenge further downside.
Alternatively, an immediate resistance line near the 0.7500 round figure could challenge AUD/USD pair’s short-term recovery moves toward the latest swing high of 0.7535.
However, the 0.7600 resistance confluence, including the upper line of the stated channel as well as the weekly top, will be a tough nut to crack for the pair buyers. Additionally, 200-SMA surrounding 0.7635 acts as an extra barrier to the north.
AUD/USD: FOUR-HOUR CHART