AUD/USD Price Analysis: Teases weekly support line, 200-HMA amid downbeat sentiment
- AUD/USD fails to respect highly positive Aussie employment report as risk dwindles.
- One-week-old horizontal support can add to the downside filters, 0.7340/45 becomes the key resistance.
AUD/USD remains depressed near 0.7290, down 0.10% intraday, during the early Thursday. The pair earlier bounced off an intraday low after Australia’s October month employment data offered a positive surprise. However, the risk-off mood recalled the sellers as the coronavirus (COVID-19) fears joined the Brexit jitters and the angst against China’s stand in Hong Kong.
Read: S&P 500 Futures wobble near one-week low amid fresh risk negatives
Technically, sellers attack an upward sloping trend line from November 13, as well as 200-HMA.
Considering the risk-off mood joining the bearish MACD, the quote is likely to stay tilted towards the south, by breaking immediate supports around 0.7290/85.
Following that, an area including the last Thursday’s high and the previous day’s low near 0.7270 can entertain the traders ahead of directing them towards 0.7220.
Meanwhile, 0.7300 round-figures and the recent high around 0.7330 can probe the quote’s short-term bounce ahead of highlighting the 0.7340/45 area comprising the highs marked since mid-September.
AUD/USD hourly chart
Trend: Bearish
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.
