- AUD/USD fell from 0.7277 yesterday.
- Bulls are defending the weakness at the confluence of 50-bar SMA and one-week-old support line.
- 7200 is the immediate resistance for an up move.
AUD/USD has managed to stay well above the intraday low of 0.7165 today, but couldn’t shrug-off the bearishness after yesterday’s fall from 0.7277. The pair was near 0.7185 while readying for the Thursday European session.
The bulls are fighting the bears to hold a short-term support region formed by the confluence of 50-bar SMA and an ascending trend line from August 12.
The failure of the pair to move above 0.7195 – 23.6 Percent Fibonacci retracement of the bull run from July 14 is a challenge for the bulls.
The other vital resistances against the up-move are 0.7200 – the March high, 0.7265 – the latest top, and 0.7300 – 2019 peak.
A downside break below 0.7180 will help the bears to push AUD/USD to 0.7140 – 38.2 Percent Fibonacci retracement and also the monthly support line.
A continued bearishness means 200-bar SMA and 50 Percent Fibonacci retracement will be in play, around 0.7110-0.7100, luring the sellers.