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24 Dec 2021

AUD/USD Price Analysis: Retreats from immediate resistance line below 0.7250

  • AUD/USD fails to extend three-day uptrend, pressured of late.
  • RSI, MACD join 20-DMA breakout to keep buyers hopeful.
  • September’s low lures short-term sellers, key SMAs also challenge the bulls.

AUD/USD fades the bounce off intraday low, down 0.16% on a day around 0.7235 during Friday’s Asian session. In doing so, the Aussie pair snaps a three-day run-up while stepping back from a short-term key resistance.

Although a clear upside break of 20-DMA and bullish MACD signals favor AUD/USD bulls, an upward sloping trend line from November 30, around 0.7250, challenges the immediate advances.

Even if the quote manages to cross the stated hurdle near 0.7250, the 50-DMA and the 100-DMA, around 0.7285 and 0.7295 respectively, will act as tough resistances for the pair buyers to cross. Adding to the upside filters is the 0.7300 threshold, a break of which will escalate the run-up towards the mid-November swing high near 0.7370.

Alternatively, pullback moves may initially aim for the 0.7200 round figure before challenging September’s low near 0.7170. Should the AUD/USD bears remain dominant past 0.7170, the 20-DMA level of 0.7135 will flash on their radars.

To sum up, AUD/USD is likely to consolidate recent gains but holiday mood in the market will join strong supports to restrict the downside.

AUD/USD: Daily chart

Trend: Pullback expected

 

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