AUD/USD Price Analysis: Sellers snap two-day uptrend as 21-DMA resistance reigns

AUD/USD takes offers to refresh intraday low, prints the first daily loss in three.
RBA’s Lowe fails to impress hawks despite citing inflation woes.
Failures to cross immediate hurdles, bearish MACD signals favor sellers.
Two-month-old ascending support line, 50-DMA challenge further downside.

Anil Panchal FXStreet

AUD/USD recalls bears, after a two-day absence, as it renews its intraday low near the mid-0.6900s as the Reserve Bank of Australia (RBA) Governor failed to impress policy hawks in his testimony early Wednesday.

Also read: RBA Lowe: Inflation is way too high, needs to come down

In doing so, AUD/USD takes offers to print the first daily loss in three while reversing from the 21-DMA hurdle. The downside move also gains support from the bearish MACD signals and downbeat RSI (14), not oversold.

It should be noted, however, that an upward-sloping support line from December 20, 2022, close to 0.6930 by the press time, restricts immediate declines of the AUD/USD pair.

Following that, the 50-DMA support of 0.6885 will precede the monthly low of 0.6855 to act as final defenses for the Aussie pair buyers before giving control to the AUD/USD bears.

In that case, the previous monthly low near 0.6730 could gain major attention.

Alternatively, a daily closing beyond the 21-DMA, around the 0.7000 round figure, can propel the AUD/USD prices towards the late January swing high near 0.7065 before highlighting the 0.7100 threshold as the key resistance.

During the quote’s run-up beyond 0.7100, the monthly high of 0.7157 will be crucial to watch as it holds the key to a rally targeting the June 2022 peak surrounding 0.7285.

AUD/USD: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	0.6954
Today Daily Change	-0.0038
Today Daily Change %	-0.54%
Today daily open	0.6992

Trends
Daily SMA20	0.7002
Daily SMA50	0.688
Daily SMA100	0.6695
Daily SMA200	0.6806

Levels
Previous Daily High	0.703
Previous Daily Low	0.6922
Previous Weekly High	0.7011
Previous Weekly Low	0.6856
Previous Monthly High	0.7143
Previous Monthly Low	0.6688
Daily Fibonacci 38.2%	0.6988
Daily Fibonacci 61.8%	0.6963
Daily Pivot Point S1	0.6932
Daily Pivot Point S2	0.6873
Daily Pivot Point S3	0.6824
Daily Pivot Point R1	0.7041
Daily Pivot Point R2	0.7089
Daily Pivot Point R3	0.7149

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.

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