- AUD/USD lost previous week momentum in the Asian session.
- More downside on the cards if price breaks below 0.7750.
- Negative MACD tilts in favor of the downward momentum.
The AUD/USD pair is accumulating losses on the first day of the week in the Asian session. The pair opened higher, albeit fizzels out rather quickly to touch the session’s low at 0.7756.
At the time of writing, the AUD/USD pair is trading at 0.7758, down 0.24% on the day.
AUD/USD daily chart
On the daily chart, the pair is consolidating near the 20-day Simple Moving Average (SMA) at 0.7757. If price breaks below the mentioned level, then the next stop for it would be the 0.7720 horizontal support level followed by Thursday’s low at 0.7687.
The receding Moving Average Convergence Divergence (MACD) indicator signals at more downside price action towards the 0.7650 horizontal support level.
Alternatively, on moving higher, the first area of resistance could be the 0.7800 horizontal resistance zone followed by Wednesday’s high at 0.7847 for AUD/USD bulls.
The next area of the resistance would be the February 26 high at 0.7884.
AUD/USD Additional Levels