AUD/USD Technical Analysis: Failure to cross 0.7135-40 seems to recall the weekly low around 0.7050

The AUD/USD slips under 0.7090 by the end of Wednesday’s trading.
The pair reversed from 0.7135-40 horizontal resistance-region comprising highs marked during the middle of January 06 and low of January 29.
As a result, low of the early present week near 0.7050 comes back in focus for sellers.
However, 0.7080 and 0.7065 may offer intermediate halts during the drop.
In case the quote slid beneath 0.7050, 61.8% Fibonacci expansion of its moves to January 06 high to February 13, at 0.7015, may appear on bears’ radar to target.
On the upside, 0.7120 can become immediate resistance for the pair before highlighting 0.7135-40 for one more time.
Given the recovery beyond 0.7140, a downward sloping trend-line near 0.7185, followed by 0.7225, can entertain the buyers.

Anil Panchal FXStreet

AUD/USD hourly chart

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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