AUD/USD Price Analysis: Reverses Biden-backed gains from 100-SMA on “sell the fact”

AUD/USD takes affords round intraday low of 0.7769, presently down 0.23% round 0.7773, for the duration of the early Friday. In doing so, the quote reverses the early-day pick-up to the week’s pinnacle as 100-SMA guards instantaneous upside.

Also read: AUD/USD pierces 0.7800 as US President Biden lauds covid efforts, guarantees quicker recovery

It must be referred to although that the losses are in all likelihood to locate difficult assist round 0.7740, comprising 200-SMA and an ascending aid line from Tuesday, amid bullish MACD.

If at all the AUD/USD dealers overcome the key support, which is much less likely, “double bottoms” round the month-to-month low of 0.6620 will be in the spotlight.

Meanwhile, the pair’s run-up past the 0.7800 wants to go 50% Fibonacci retracement stage of late February to early March downside, shut to 0.7815, to recall the AUD/USD buyers.

Also appearing as the upside filters is the month-to-month pinnacle surrounding 0.7840 and the 61.8% Fibonacci retracement degree close to 0.7860.

Overall, AUD/USD stays upbeat however intermediate pullback can’t be dominated out.