AUDUSD bulls have a long way to recapture controls

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD recovery from 0.7100 takes clues from the upbeat RSI line to extend the heaviest daily rise in four months, suggesting further advances towards the monthly horizontal resistance near 0.7270-85. However, bearish MACD challenges the pair’s further upside past 0.7285. Even if the quote manages to cross the 0.7285 hurdle, a downward sloping trend line from early July and a convergence of 50% Fibonacci retracement of June–August downside and 200-SMA around 0.7350–60 will be tough nuts to crack for the bulls. If at all the Aussie pair rises past 0.7360, 61.8% Fibonacci retracement near 0.7420 will be in focus.

On the downside, the 0.7200 round figure and 0.7150 may entertain AUDUSD sellers ahead of directing them to the nine-month-low, flashed last week, surrounding 0.7100. Should the pair bears hold the reins past 0.7100, June 2020 high near 0.7060 and the 0.7000 psychological magnet will be crucial levels to follow. Overall, AUDUSD remains on the bearish trajectory unless crossing 0.7360.


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