AUD/USD ???????????? ?????? 0.6870
Forex News

Bears catch a breath around intermediate horizontal support

  • AUD/USD registers four-day-losing streak with the largest losses in a week.
  • Multiple lows from January-end can offer an intermediate halt to the monthly bottom.
  • 21-day EMA adds to the resistance.

AUD/USD declines 0.44% to 0.6687 during early Tuesday. In doing so, the pair registers the highest losses since February 07 while nearing short-term key support.

With the MACD still flashing bullish signals, odds of the pair’s another bounce off 0.6680/78 support-zone are quite high. That said, 10-day EMA and a descending trend line since January 01, 2020, around 0.6715/17, can keep limiting the pair’s short-term upside.

In a case where AUD/USD prices manage to cross 0.6717 on the daily closing basis, 21-day EMA and the monthly top, around 0.6750 and 0.6775 respectively, could lure the buyers.

On the downside, a sustained break of 0.6678 will drag the quote the monthly low surrounding 0.6660 that holds the key to 0.6600 round-figure.

AUD/USD daily chart

Trend: Pullback expected

 

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