AUD/USD Price Analysis: Bulls remain hopeful despite recent weakness around 0.7400
- AUD/USD prints mild intraday losses around two-week high, recently sidelined.
- Sustained trading beyond 200-DMA, descending trend line from May favor buyers.
- Rising wedge teases sellers but 0.7200 break-down becomes necessary.
AUD/USD remains pressured during Monday’s Asian session, down 0.10% around 0.7410 by the press time.
In doing so, the Aussie pair prints daily losses for the first time in the last five days while staying near a two-week high.
It should be noted, however, that the pair’s successful trading above the 200-DMA and a downward sloping trend line from May, respectively around 0.7300 and 0.7275, keep the pair buyers hopeful.
Even if the AUD/USD prices drop below 0.7275, a clear downside break of the 0.7200 round figure, comprising the support line of a five-week-old rising wedge bearish pattern, will be crucial to welcome the sellers.
On the contrary, an upward sloping resistance line around 0.7480, forming part of the stated wedge, restricts short-term AUD/USD upside.
In a case where the quote rises past 0.7180, October 2021 high near 0.7560 will be crucial to watch for the pair’s further advances.
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.
