AUDUSD – rising downside risk as 10SMA support gives way; falling trendline continues to cap
The Aussie dollar maintains negative near-term bias following repeated upside rejections and holding in red for the fourth consecutive day.
Falling bear-trendline which limited recovery phase, continues to cap descend from correction high at 0.7644 and keeps the pair under pressure.
Today’s probe below 10 SMA which marks pivotal support at 0.7591 would generate stronger bearish signal on firm break and open way towards key support at 0.7530 (21 Nov low, the lowest since mid-June).
Bear-trendline marks initial resistance at 0.7605, with descending 20SMA marking upper pivot at 0.7623, close above which would shift near-term bias higher.
Res: 0.7605; 0.7623; 0.7644; 0.7665
Sup: 0.7574; 0.7555; 0.7530; 0.7500