AUD/USD Price Analysis: Bears catch a breath around intermediate horizontal support
- AUD/USD registers four-day-losing streak with the largest losses in a week.
- Multiple lows from January-end can offer an intermediate halt to the monthly bottom.
- 21-day EMA adds to the resistance.
AUD/USD declines 0.44% to 0.6687 during early Tuesday. In doing so, the pair registers the highest losses since February 07 while nearing short-term key support.
With the MACD still flashing bullish signals, odds of the pair’s another bounce off 0.6680/78 support-zone are quite high. That said, 10-day EMA and a descending trend line since January 01, 2020, around 0.6715/17, can keep limiting the pair’s short-term upside.
In a case where AUD/USD prices manage to cross 0.6717 on the daily closing basis, 21-day EMA and the monthly top, around 0.6750 and 0.6775 respectively, could lure the buyers.
On the downside, a sustained break of 0.6678 will drag the quote the monthly low surrounding 0.6660 that holds the key to 0.6600 round-figure.
AUD/USD daily chart
Trend: Pullback 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.
