AUD/USD Price Analysis: Sellers flirt with resistance-turned-support near 0.7150
- AUD/USD extends pullback from three-week high towards previous resistance.
- Bullish MACD keeps buyers hopeful to aim for 100-DMA, key Fibonacci retracements can test run-up afterward.
- Confluence of 50-DMA, monthly descending trend line restricts immediate declines.
- Fortnight-long ascending trend line adds to the downside filters.
AUD/USD remains pressured around intraday low, down 0.20% near 0.7170 during the first negative daily performance amid Thursday’s Asian session.
In doing so, the Aussie pair battles a convergence of the 50-DMA and previous resistance line from January 13, around 0.7160.
Given the bullish MACD signals, AUD/USD buyers remain hopeful until witnessing a clear downside break of the 0.7160 key resistance-turned-support level.
Even if the quote drops below 0.7160, a two-week-old rising support line near 0.7115 will challenge the pair bears before giving them control.
Meanwhile, 38.2% Fibonacci retracement (Fibo.) of October 2021 to January 2022 downside, close to 0.7195, joins the 0.7200 threshold to restrict the AUD/USD pair’s short-term advances.
However, the 100-DMA level of 0.7250 and 50% Fibo. around 0.7265 act as important resistances to watch during the quote’s further upside.
AUD/USD: Daily chart
Trend: Further upside 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.
