AUD/USD Price Analysis: 10-DMA probes bears around 0.7500
- AUD/USD struggles to keep the rebound after confirming rising wedge bearish formation.
- MACD signals ease bullish bias, September’s top add to downside filters.
AUD/USD bears take a breather following Friday’s Rising Wedge confirmation, down 0.10% intraday around 0.7510 heading into Monday’s European session.
Although the receding bullish MACD signals joined rising wedge breakdown to favor the Aussie pair the previous day, the 10-DMA level of 0.7500 challenges the quote’s immediate downside.
Hence, the quote remains sidelined until breaking either the previous support line, near 0.7545, or the 10-DMA level of 0.7500.
However, market sentiment improves of late, suggesting the further intraday recovery moves of the AUD/USD prices, due to its risk barometer status.
Meanwhile, a downside break of the 0.7500 DMA support needs validation from September’s peak surrounding 0.7475-80 to convince the Aussie bears.
To sum up, AUD/USD bulls seemed to have tired and the bears are ready to retake controls but a daily closing below 10-DMA becomes necessary for the clear south-run.
AUD/USD: Daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
