AUDUSD Price Analysis: 100-DMA probes buyers below 0.6700
- AUDUSD retreats from 100-DMA, prints mild losses near two-month high.
- Bullish MACD signals, firmer RSI keeps buyers hopeful beyond 50-DMA.
- Seven-month-old resistance line adds to the upside filters, October’s peak lures short-term bears.
AUDUSD snaps a two-day uptrend as it jostles with the 100-DMA during Monday’s Asian session, printing mild losses near 0.6690-85 by the press time.
With this, the key moving average challenges the Aussie pair buyers near the highest levels since September 20. However, the quote’s sustained trading beyond the 50-DMA and bullish oscillators, namely the MACD and RSI, favor the buyers.
That said, a short-term pullback towards October’s peak of 0.6525 can’t be ruled out. Following that, the 50-DMA support of 0.6500 could gain the market’s attention.
It’s worth noting that the one-month-old ascending trend line, around 0.6320 by the press time, appears the last defense of the AUDUSD buyers.
Alternatively, a daily closing beyond the 100-DMA, around 0.6705 at the latest, isn’t an open invitation to the AUDUSD bulls as a descending resistance line from early April, near 0.6760, acts as an extra filter to the north.
In a case where AUDUSD buyers manage to keep the reins past 0.6760, the 200-DMA surrounding 0.6955 and the 0.7000 psychological magnet will be crucial for them.
Overall, AUDUSD is likely to witness a pullback but the bears have a long way to retake control.
AUDUSD: Daily chart
Trend: Limited downside 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.
