- AUD/USD wobbles in a choppy range around 0.7700.
- Normal RSI, bear cross favor sellers, weekly support line restricts immediate downside.
- 0.7800 becomes the tough nut to crack for bulls.
AUD/USD pokes intraday high of 0.7711 amid a quiet Asian session, due to off in Australia and China, on Monday. Even so, a looming bearish cross-over of the 50-day SMA to 21-day SMA keeps sellers hopeful.
Given the absence of oversold RSI, coupled with the bear cross, the quote may drop back towards the one-week-old support line, near 0.7700. However, any further weakness will be tested by an ascending trend line from April 01, close to 0.7660.
Although the AUD/USD sellers need a strong back-up to break 0.7660 support, a clear downside will not refrain from refreshing the monthly low, currently around 0.7645.
On the contrary, a corrective pullback should offer a daily closing beyond 0.7735-40 area, comprising 50-day and 21-day SMA, to recall the AUD/USD buyers.
Even so, multiple upside hurdles around the 0.7800 round figure and 0.7820 could test the pair bulls ahead of directing them to May’s top of 0.7892.
AUD/USD daily chart
Trend: Further weakness expected
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