AUD/USD Price Analysis: Eases from intraday top below 0.7700
|- AUD/USD trims intraday gains, stays below key hurdles.
- Fortnight-old horizontal area, monthly resistance line test recovery moves.
- Bears need to break 0.7557 for confirmation, monthly top adds to the upside barriers.
AUD/USD steps back from 0.7664 while trimming intraday gains to 0.24% ahead of Tuesday’s European session. In doing so, the quote fades upside momentum before hitting the key barriers to the north.
Among them, a horizontal area between 0.7690 and 0.7705, comprising 100-SMA, becomes the first challenge to the AUD/USD buyers.
Following that, a one-month-long falling resistance line and the monthly top, respectively around 0.7765 and 0.7850 will be important to watch.
On the contrary, the early month lows surrounding 0.7620 and the 0.7600 round-figure can entertain AUD/USD sellers during the fresh pullback.
However, any further weakness will have to break a horizontal region comprising lows marked since December 28, around 0.7562-57.
Overall, AUD/USD remains in the consolidation mode and hence short-term sellers are welcomed.
AUD/USD four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.