- May 3, 2021
- Posted by: Analysis Team
- Category: Forex News
- AUD/USD fades bounce off intraday low, drops for second consecutive day.
- Bearish MACD, failures to cross key SMA favor bears.
- 200-SMA adds to the downside filters ahead of the key Fibonacci retracement levels.
AUD/USD remains depressed around 0.7713, down 0.05% intraday, ahead of Monday’s European session. In doing so, the quote stays below 100-day SMA amid bearish MACD.
It should, however, be noted that an upward sloping trend line from April 01, near 0.7700, followed by a 200-SMA level of 0.7687, offers tough nuts to crack for AUD/USD sellers.
Also acting as the key supports are 50% and 61.8% Fibonacci retracement levels, respectively around 0.7675 and 0.7640.
Meanwhile, recovery moves may fail to catch AUD/USD buyer’s attention unless successfully crossing 100-SMA level around 0.7730.
Even if the quote manages to stay beyond 0.7730, Thursday’s low of 0.7749 and the latest swing high close to 0.7785 will keep testing the pair’s upside ahead of highlighting the 0.7820 level to the bulls.
AUD/USD FOUR-HOUR CHART