AUDUSD recently grinds around intraday highs.

AUDUSD recording modest gains between 0.6735 and 0.6740, recovering from a seven-week low early in Monday’s session. As the 100-DMA and an upward-sloping support line from late November 2022 intersect, the Australian dollar pair recovers as a result. The corrective action also explains why the RSI is almost oversold (14).Unless there is a daily close above the 200-DMA barrier of 0.6800, the recovery is still difficult to achieve.

MACD signs, recovery advances are being challenged by a (AUDUSD) 200-DMA, three-week-old declining trend line.

After that, a downward-sloping resistance line from February 02, at 0.6850 at the latest, serves as the AUDUSD bears’ final line of defense. A breach of this line might cause prices to move in the direction of the 0.7000 round number.

Buyers of the Australian dollar pair maintain control over 0.7000, peaks reached in mid-February and the monthly high, the area between 0.7030 and 0.7160, in that order, may entice the upward momentum.

The AUDUSD exchange rate might drop fast to a low of 0.6630 in late December 2022 if it closes each day below 0.6730. Lows recorded on November 21 and 11 at 0.6585 and 0.6575, however, might pose a challenge to the bears in the coming days.

Overall, AUDUSD is expected to continue falling unless it breaks consistently below 0.6850.