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AUD/USD Price Analysis: Bears Struggle with 100-SMA Support Below 0.7000

Daniel Rogers

May 19, 2022 09:57

AUD/USD sellers hit critical short-term support around 0.6960 as traders attempt to reduce the largest daily loss in a week ahead of Australia's important employment report on Thursday.

 

Nevertheless, the AUD/USD pair is currently trading at a confluence of the 100-HMA and a weekly rising trend line at 0.6960.

 

In light of the bearish MACD indications and the lack of a rebound from the aforementioned support line, AUD/USD sellers are expected to maintain control.

 

For the bear to return, however, a convincing downside breach of the 0.6960 support confluence is required. The focus will then go to the 0.6900 mark and the monthly low near 0.6830.

 

Until the AUD/USD crosses a two-week-long horizontal resistance zone between 0.7040 and 0.7060, a rebound will remain elusive.

 

In the event that AUD/USD goes over 0.7060, several May highs near 0.7135-40 may provide support for bulls. 

AUD/USD: Chart Hourly

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