- AUD/USD looks south after multiple failures above 10-day SMA.
- Key support levels are located at levels below 0.72.
AUD/USD is trading largely unchanged on the day near 0.7274 at press time, having faced rejection above the 10-day simple moving average (SMA) 0.7285 early today.
The Aussie bulls have failed to keep gains above the 10-day SMA in five out of the last six trading days.
Readers should note that the 10-day SMA has topped out and is trending south, indicating a bearish setup. As such, the repeated failure to beat that descending average could be taken as a warning of an impending pullback.
The immediate support is seen at 0.7192 (Sept. 9 low), which, if breached, would establish a bearish lower high, lower low setup, and expose the psychological level of 0.70.
On the higher side, the Sept. 10 high of 0.7325 is the level to beat for the bulls.
Daily chart
Trend: Bearish
Technical levels
Share
