AUD/USD Price Analysis: Slides to fresh weekly lows, seems vulnerable to test 0.60 mark
|- AUD/USD turns lower for the third consecutive session amid a modest pickup in the USD demand.
- The technical set-up remains tilted in favour of bears and supports prospects for a further decline.
The AUD/USD pair failed to capitalize on its early uptick to levels just above the 0.6100 mark and dropped to fresh session lows, around mid-0.6000s in the last hour.
The uptick faltered near 100-hour SMA, which coincides with an ascending trend-line support break-point and should now act as a key pivotal point for intraday traders.
Meanwhile, technical indicators on the daily chart maintained their bearish bias and have been gaining negative momentum on hourly charts, reinforcing the overnight breakdown.
Hence, a subsequent fall, below the 0.6025-20 region towards challenging the key 0.60 psychological mark, now looks a distinct possibility amid some renewed USD buying interest.
Some follow-through selling might turn the pair vulnerable to extend the downward trajectory further towards its next major support near the 0.5950 horizontal zone.
On the flip side, any attempted recovery might continue to confront some fresh supply and remain capped near the daily swing highs resistance near the 0.6120 region.
AUD/USD 1-hourly chart
Technical levels to watch
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