AUD/USD Price Analysis: Immediate support line probes bears below 0.7750
|- AUD/USD fails to keep bounce off intraday low.
- Downward sloping RSI favors bears eyeing monthly bottom.
- February 23 low adds to the upside barriers.
AUD/USD holds lower ground, down 0.31% intraday around 0.7736, during the early Friday’s trading. In doing so, the aussie pair fades the latest bounce off intraday low of 0.7723 while declining for the second consecutive day.
It should be noted that the pair’s pullback from 0.7850, portrayed the previous day, suggests the failures to cross the early-month top and portrays a strong horizontal hurdle to the north around 0.7840-50.
Additionally, descending RSI line and challenges to the risk should also be considered favoring AUD/USD sellers.
Though, a clear break below an eight-day-old support line, at 0.7715 now, becomes necessary for the quote’s further weakness targeting the monthly low near 0.7620.
However, an extended south-run past-0.7620 will confirm the “double top” formation, with the tops near 0.7840-50, while suggesting a plunge to the late December 2020 lows surrounding 0.7460. During the fall, February low near 0.7560 can offer an intermediate stop to the bears.
On the flip side, a clear break of 0.7850 will have to cross the February 23 low of 0.7880 and the 0.7900 threshold before challenging the previous monthly peak close to the 0.8000 psychological magnet.
AUD/USD four-hour chart
Trend: Bearish
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.