AUD/USD Technical Analysis: Intraday positive move falters near 50-hour SMA, ahead of 0.7100 handle

0

   •  The pair managed to stage a goodish intraday bounce from a short-term ascending trend-line, extending from lows set on March 11, 14 and 20, albeit failed ahead of the 0.7100 mark.

   •  The mentioned handle coincides with 50-hour SMA and might now act as a key pivotal point for the pair’s intraday momentum amid neutral technical indicators on the 1-hourly chart.

   •  Meanwhile, oscillators on 4-hourly/daily charts have been losing positive momentum, rather just started gaining negative traction and support prospects for a further near-term downfall.

   •  Bearish traders, however, are likely to wait for a convincing break below the said trend-line support before positioning for a slide towards challenging the key 0.70 psychological mark.

AUD/USD 1-hourly chart

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.