CFD News

AUD/USD Price Analysis: On a bumpy road to yearly low, 0.6760 gains immediate attention

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AUD/USD fades jump off six-week low, sidelined off late.
Multiple horizontal helps to venture bears as RSI drops in the direction of oversold territory.
100-day EMA, three-month-old resistance line restrict upside momentum.
AUD/USD stays on the lower back foot round 0.6790-85 as merchants brace for the US jobs record throughout early Friday. In doing so, the Aussie pair retreats closer to the lowest tiers in greater than 1.5 months, marked the preceding day.

The pair’s weak spot may want to be justified by means of the bearish MACD alerts and downward sloping RSI, as nicely as sustained buying and selling under the 100-day EMA and the lows marked for the duration of late August.

Even so, horizontal helps comprising a couple of tiers prints at some point of late July, spotlight the 0.6760 and the 0.6710 stages as the key helps in advance of directing AUD/USD bears closer to the every year low close to 0.6680.

It’s really worth noting that the RSI is drawing close the oversold territory and consequently in addition draw back seems limited. However, a clear spoil of 0.6680 ought to roll the ball for the 61.8% Fibonacci Expansion (FE) of April-August moves, close to 0.6530.

Alternatively, recuperation strikes should at the start goal for the more than one lows marked in August round 0.6860 and 0.6870 in advance of difficult the 100-day EMA hurdle, shut to 0.6970 through the press time.

Following that, the 0.7000 threshold and a downward sloping resistance line from June, surrounding 0.7100, will be in focus.

AUD/USD: Daily chart

Trend: Limited draw back anticipated

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