AUD/USD Price Analysis: Drops back to 0.7500 but bears have miles to go
- AUD/USD reverses from three-month top, snaps two-day uptrend.
- Overbought RSI probes bulls below 200-DMA, sellers need monthly support line break to retake controls.
AUD/USD takes offers around 0.7500, down 0.21% intraday amid early European session on Thursday, following its run-up to the fresh high since July.
In doing so, the Aussie pair marks the heaviest daily losses in a week, not to forget mentioning that it snaps a two-day uptrend by the press time.
The pullback moves could be linked to the overbought RSI conditions as well as failures to cross the 200-DMA, around 0.7565 at the latest.
It should be noted, however, that the AUD/USD bears are less likely to be welcomed until the quote stays beyond an ascending support line from September 30, near 0.7425.
Also acting as immediate support is September’s high close to 0.7480.
Alternatively, an upside clearance of the 200-DMA level of 0.7564 will aim for late June’s top surrounding 0.7615-20.
However, any further advances will be questioned by the June 03 low near 0.7645.
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.
