AUD/USD Price Analysis: Seesaws around 0.7180 support confluence
- AUD/USD fails to overcome the previous day’s losses from 0.7277.
- 50-bar SMA, one-week-old support line questions further selling.
- Monthly rising trend line adds to the downside rest-points, 0.7200 offers immediate resistance.
Despite staying beyond the intraday low of 0.7165, AUD/USD remains depressed near 0.7185 while heading into the European open on Thursday. In doing so, the aussie pair takes rounds to a short-term key support confluence comprising 50-bar SMA and an ascending trend line from August 12.
However, failures to cross 23.6% Fibonacci retracement of its upside from July 14, at 0.7195 now, challenge the bulls.
Additionally, March month high near 0.7200 and the recent top around 0.7265, followed by the year 2019 peak surrounding 0.7300, also probe the optimists.
As a result, the bears are looking for entries and await a clear downside break of 0.7180 support to visit 38.2% Fibonacci retracement and monthly support line around 0.7140.
During the pair’s further weakness past-0.7140, 200-bar SMA and 50% Fibonacci retracement level may challenge the sellers around 0.7110-0.7100.
AUD/USD four-hour chart
Trend: Pullback expected