- AUD/USD stages an impressive recovery from multi-month lows.
- The aussie is struggling to recapture 100-DMA as RSI stays bearish.
- All eyes remain on the NFP data amid a quiet Good Friday.
AUD/USD remains on the front foot for the third straight session, having recovered Thursday’s sell-off to four-month lows of 0.7531.
The 100-daily moving average (DMA) at 0.7635 is offering strong resistance to the AUD bulls, as they look to build on to the recovery moves beyond the 0.7600 barrier.
A firm break above the latter could expose the downward-sloping 21-DMA at 0.7685, with the next upside target aligned at 0.7700.
However, with the relative strength index (RSI) still trending below the midline, the recovery is likely to remain short-lived, as the sellers could regain control.
AUD/USD: Daily chart
A drop back towards the yearly lows cannot be ruled if the 100-DMA barrier fails to give way.
Further south, the 0.7500 support could be challenged, opening floors for a test of the December 21 low of 0.7461
AUD/USD: Additional levels
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