Forex News

Refreshes intraday low under 0.6350, 200-HMA in focus

  • 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


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