AUD/USD Price Analysis: Recovers a part of early lost ground, still in the red below mid-0.6700s
|- AUD/USD stalls the recent recovery move amid fresh coronavirus concerns.
- The intraday pullback finds some support near 0.6700 mark, 100-hour SMA.
The AUD/USD pair failed to capitalize on its recent recovery move from over a decade low and started retreating from a resistance marked by over one-week-old descending trend-line.
The pair edged lower during the Asian session on Thursday amid fresh concerns over the outbreak of the deadly coronavirus, albeit managed to find some support ahead of the 0.6700 mark.
The mentioned region coincides with 100-hour SMA, which should now act as a key pivotal point for intraday traders ahead of the release of the latest US consumer inflation figures.
Meanwhile, technical indicators on hourly charts have again started moving into the positive territory and support prospects for an extension of the intraday bounce of around 25-30 pips.
However, oscillators on the daily chart – though have been recovering from – are still holding in the bearish territory and warrant some caution before placing any aggressive bullish bets.
Hence, it will be prudent to wait for some strong follow-through buying, possibly beyond the mentioned trend-line resistance near mid-0.6700s, to confirm any further appreciating move.
AUD/USD 1-hourly chart
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