AUD/USD Price Analysis: Further downside hinges on 0.7500 breakdown
|- AUD/USD takes offers to snap three-day uptrend, sellers attack monthly support line.
- Hidden bullish divergence keeps buyers hopeful, 100-DMA adds to the downside filters.
AUD/USD refreshes intraday low with 0.7502 marking the first negative daily performance in four during Thursday’s Asian session. In doing so, the Aussie pair sellers battle with an ascending support line from September 30.
In addition to the stated trend line support, a hidden bullish divergence, a condition where prices make lower high but the RSI prints higher high, also challenges the bear’s return around the 0.7500 threshold.
While a clear downside break of the 0.7500 round figure will direct the AUD/USD prices towards the 100-DMA near 0.7390, September’s peak around 0.7480-75 acts as an extra challenge for the pair sellers.
Should AUD/USD sellers dominate past 100-DMA, the late September’s wing top around 0.7315 will be in focus.
Meanwhile, the corrective pullback will aim for the monthly high, also the highest since July, around 0.7550 before highlighting the 200-DMA hurdle near 0.7565.
During the AUD/USD run-up beyond 0.7565, the late June’s swing high close to 0.7620 may lure the bulls.
AUD/USD: Daily chart
Trend: Bullish
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