- AUD/USD snaps two-day winning streak, drops 0.40% in Asia.
- A sustained break below 200-HMA can aim for a two-day-old support line.
- The weekly rising trend line adds to the upside barriers.
AUD/USD drops to the intraday low of 0.6338, currently down 0.40% on a day to 0.6344, while heading into the European open on Friday.
In doing so, the pair slips beneath the 200-HMA level of 0.6345, which in turn can drag the quote further down towards a two-day-old rising trend line, near 0.6305.
If at all bearish MACD and a downward sloping curve of RSI keep luring the bears below 0.6300, the weekly bottom surrounding 0.6250 can be questioned.
On the contrary, 61.8% Fibonacci retracement of April 14-21 fall, near 0.6370, as well as an ascending trend line since April 16, around 0.6410, becomes the key to watch if the pair bounces back beyond 0.6345 immediate resistance.
AUD/USD hourly chart
Trend: Further downside expected