• AUD/USD remains pressured around intraday low after printing the first negative weekly closing in six.
  • Clear downside break of fortnight-long rising trend line joins bearish MACD signals to favor sellers.
  • 100-SMA, 50% Fibonacci retracement level limits immediate downside.
  • Weekly resistance line holds the gate for bull’s welcome.

AUD/USD sellers keep reins around 0.7275 during Monday’s Asian session, following the first negative weekly closing in six.

In doing so, the Aussie pair justifies Friday’s downside break of a two-week-long rising trend line amid bearish MACD signals.

However, a convergence of the 100-SMA and 50% Fibonacci retracement (Fibo.) of the pair’s late February to early March moves offer a tough nut to crack for the AUD/USD sellers around 0.7270.

Should the quote drops below 0.7270, the quote may drop further towards 0.7245 and 61.8% Fibo. level near 0.7225 before targeting the 200-SMA, around 0.7195 by the press time.

Alternatively, the support-turned-resistance line close to 0.7310 challenges the AUD/USD pair’s intraday buyers ahead of the 50-SMA, around 0.7325 at the latest.

Following that, a downward sloping trend line from March 07, near 0.7340, will be crucial for the buyer’s dominance.

AUD/USD: Four-hour chart

Trend: Corrective pullback expected

This article was originally published by Fxstreet.com.Read the original article here.


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