AUD/USD technical analysis: Multiple barriers on the road to recovery
|- 23.6% Fibonacci retracement, 4H 50MA and near-term descending trend-line limits immediate AUD/USD upside.
- A downside break of 0.6745 can recall sub-0.6700 area on the chart.
The AUD/USD pair takes the bids to 0.6762 ahead of Tuesday’s European session open.
Despite recovering from 0.6750/45 support-zone including multiple lows since early last-week, 23.6% Fibonacci retracement of July-August downpour, at 0.6772, 50-bar moving average (4H 50MA) near 0.6781 and a downward sloping trend-line since July 18 around 0.6790 can challenge buyers.
Should the quote clears 0.6790 resistance, 100-bar moving average (4H 100MA) at 0.6860 can quickly lure the bulls.
On the contrary, a downside break of 0.6745 will open the door for the pair’s fresh declines to 0.6795 and 0.6677 supports.
AUD/USD 4-hour chart
Trend: Bearish
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