AUDUSD accepts offers to renew weekly low, prods short-term critical support line.
The AUDUSD is on shaky ground as it approaches the weekly low of 0.6395 in early Tuesday Europe. In doing so, the Aussie duo explains the Reserve Bank of Australia’s (RBA) passivity. As well as a skepticism about economic growth and inflationary pressures.
AUDUSD Technical Outlook
Technically, the risk barometer pair extends its early-day breach of the 10-day moving average. As sellers target a two-week-long rising support. It’s worth noting that the quote’s inability to break beyond. The levels set in late May and early June, around 0.6500. Combines the coming bear cross on the MACD to keep. AUDUSD sellers confident of breaking through the immediate support line at 0.6400.
However, the RSI (14) line is below-50.0, indicating. That the Aussie pair is bottom-picking, highlighting an upward-sloping support line from October 2022. Near to 0.6370 at the latest, as an essential support to monitor. The previous monthly low of roughly 0.6365 also acts as a negative filter.
A daily close over the 10-DMA hurdle of roughly 0.6450. On the other hand, isn’t an open welcome to AUDUSD buyers. As a falling resistance line from July 13 around 0.6480 confronts the pair. The pair’s immediate potential.
Following that, the previously noted resistance region comprised of levels marked in May-June. Approximately 0.6500, will be scrutinized.
Overall, the AUDUSD pair is expected to fall further. Although the downside seems to be restricted as long as the crucial support line holds.
