AUDUSD pair reverses its three-week streak of gains and trades at its lowest levels in two months.

The Aussie(AUDUSD) trades with minor losses around the mid-0.6700s as bulls take a break after early Monday’s first weekly gain in three weeks. The Australian pair illustrates the inability to pass the 50-bar Exponential Moving Average in this way (EMA). Even yet, unless the price breaches a three-day-old support line, around 0.6720, the positive MACD signals and the RSI (14) comeback keep the purchasers of the Aussie (AUDUSD) optimistic. After that, before handing the Australian pair sellers’ control, the monthly low close to the round number of 0.6700 and the low of 0.6687 from January 2023 can serve as further checks.

The market may pay heed to the December low around 0.6630 if the AUDUSD bears maintain control above 0.6687.

Instead, rehabilitation efforts must overcome the 50-EMA obstacle. to persuade intraday buyers of the AUDUDS pair, at 0.6775.

However as of press time, the confluence of the 100-EMA and a downward-sloping resistance line from early February, around about 0.6820–25, seems to be a tough nut for the pair’s buyers to break.

If the Aussie(AUDUSD) bulls are successful in maintaining control past 0.6825, it is possible that prices may rise towards the high of about 0.7030 from mid-February. It should be noticed that the round number of 0.7000 can serve as a safety net between 0.6825 and 0.7030.