AUD/USD Price Analysis: Bounces off 21-day SMA to snap two-day downtrend

AUD/USD takes the bids close to 0.7711, up 0.33% intraday, throughout early Tuesday. The Aussie pair dropped to the lowest in two weeks the preceding day after extending the draw back smash of an ascending fashion line from November two However, 21-day SMA brought on the quote’s soar no matter bearish MACD.

As a result, AUD/USD shoppers must stay cautious except the quote regains above the preceding help line, at 0.7740, a spoil of which will eye for the 0.7800 threshold.

Though, a downward sloping style line from January 06 and the month-to-month top, respectively, round 0.7805 and 0.7820, will be difficult nuts to crack for the bulls afterward.

Meanwhile, a draw back wreck of 21-day SMA, at 0.7687 now, may also seize a breather round December 17 top of 0.7640 beforehand of re-testing 50-day SMA, presently round 0.7525.

In a case the place the AUD/USD bears dominate past-0.7525, highs marked in the course of early December close to 0.7480 can return to the charts.

To sum up, the AUD/USD beneficial properties are probable ephemeral until regaining above the instantaneous resistance line, a destroy of which will fix the until now uptrend concentrated on preliminary 2018 tops.


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