AUD/USD Technical Analysis: 0.7070 gains sellers attention

Anil Panchal FXStreet

AUD/USD daily chart

The AUD/USD pair trades near 0.7110 around early Asian sessions on Friday.
The quote took a U-turn from 50-day and 100-day simple moving averages (SMA) on Thursday.
While multiple lows from mid-February to March start offers immediate support to the pair at 0.7070, 50% Fibonacci retracement of its December – January drop, at 0.7060, could challenge sellers then after.
Given the additional declines under 0.7060, 0.7030, 0.7000 and a descending trend-line joining 38.2% Fibonacci at 0.6980 seem crucial for bears.
Meanwhile, 50-day SMA level of 0.7130 and 100-day SMA level of 0.7160 can limit the pair’s near-term upside.
Should the pair clears 0.7160, 0.7200 may become buyers’ favorite ahead of pushing them towards 200-day SMA level of 0.7220.

AUD/USD 4-Hour chart

Short-term symmetrical triangle confines the pair moves between 0.7070 and 0.7165 with additional support-line at 0.7060 acting as small follow-on rest.
50% Fibonacci retracement of January 31 to March 08 downturn at 0.7150 can provide an intermediate halt between 0.7130 and 0.7150.

AUD/USD hourly chart

A horizontal line near 0.7120 may restrict the pair’s adjacent rise whereas 0.7095 seems the closest support.

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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