- Break of month-long ascending trend-line (TL) shifts AUD/USD traders’ focus back to 0.7075-70 support-zone as it encompasses late December highs and January lows.
- Should the pair drops beneath 0.7070, bears may get additional strength in targeting 0.7015 and 0.7000 supports while 0.6980 and the 0.6925 be in their radars afterwards.
- Alternatively, the 0.7100 round figure can keep limiting near-term upside with the 0.7145 and the 0.7180 acting as following resistances past-0.7100.
- During the pair’s extended rise above 0.7180, 0.7200 and immediate resistance-line, at 0.7250, might offer intermediate halt prior to highlighting previous month of 0.7295.
- While sustained downturn under TL support signals further declines, oversold levels of 14-bar relative strength index (RSI) disturbs the outlook and requires a confirmation.
AUD/USD 4-hour chart
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