- March 8, 2021
- Posted by: Analysis Team
- Category: Forex News
- AUD/USD snaps three-day losing streak, picks up bids off-late.
- 50-day SMA, short-term falling trend line test the buyers.
- Ascending trend line from December 21 probe bears.
AUD/USD keeps Friday’s bounce off the 11-week-old support line, currently up 0.23% intraday near 0.7710, during early Monday.
Although strong RSI favors the AUD/USD buyers, a convergence of 50-day SMA and a falling trend line from February 25, near 0.7745, guards the quote’s immediate upside.
Should the pair rallies beyond 0.7745 on a daily closing, the monthly high of 0.7838 and the 0.7900 threshold lure AUD/USD bulls.
Meanwhile, failures to cross the stated resistance may take clues from the US dollar strength and attack the multi-day-old support line, at 0.7637 now.
If at all the AUD/USD bears manage to conquer the key support trend line, the yearly bottom surrounding 0.7560 should be watched closely.
Overall, AUD/USD bears seem to have tired but there is no major support for the bulls’ entries.
AUD/USD DAILY CHART