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24 Oct 2022

AUD/USD Price Analysis: Retreats from two-week high, 21-DMA in focus

  • AUD/USD holds lower ground near intraday low after reversing from the highest level in fortnight.
  • Successful break of six-week-old previous resistance, up RSI, MACD favor buyers.
  • Weekly support line adds to the downside filters before directing bears towards the yearly low.

AUD/USD stays pressured towards the intraday low surrounding 0.6350 as extend the latest pullback from a fortnight top during Monday’s Asian session. In doing so, the Aussie pair retreats from a 21-DMA hurdle while paring the first weekly gain in three.

Even so, the Aussie pair buyers remain hopeful as the pair keeps the previous day’s upside break of a descending resistance line from September 13, now support around 0.6290. Also keeping the bulls hopeful are the firmer MACD signals and the RSI (14).

It should be noted that a seven-day-long support line, close to 0.6260 by the press time, will act as the last defense of the AUD/USD buyers, a break of which won’t hesitate to challenge the yearly low marked earlier in the month around 0.6170.

Alternatively, a daily closing beyond the 21-DMA level near 0.6375 won’t be enough to convince the AUD/USD bulls as the 23.6% Fibonacci retracement level of the pair’s August-October fall, near 0.6405, will act as an extra filter to the north.

Also challenging the AUD/USD pair’s upside is the 38.2% Fibonacci retracement level and the 50-DMA, respectively around 0.6545 and 0.6625.

AUD/USD: Daily chart

Trend: Further upside expected

 

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