AUDUSD’s sustained trading below 50-day SMA portray the pair’s weakness that can drag it to 0.7015 and the 0.7000 round-figure once 0.7070 immediate support breaks. However, a downward slanting trend-line, at 0.6950 now, could confine the pair’s downside past 0.7000, if not then sellers can again aim for early-month low around 0.6730. Alternatively, the 50-day SMA level of 0.7180, followed by 0.7235, can keep restricting the pair ‘s near-term advances. Given the pair manage to surpass the 0.7235, the 0.7280 and the 0.7305, including 200-day SMA, could gain market attention.
With the 100-day SMA level continue limiting the EURAUD’s upside momentum, the pair is likely to revisit the 50-day SMA level of 1.5855 but an upward slanting trend-line at 1.5815 may disappoint sellers then after. In case prices continue trading southwards past-1.5815, the 1.5760 and the 1.5670 may please the Bears. Meanwhile, a daily closing beyond 100-day SMA level of 1.5970 could challenge the 1.6000 round-figure before aiming the 1.6100 resistance. Though, pair’s successful rise past-1.6100 might recall the 1.6190 and the 1.6270 on the chart.
Although overbought RSI dragged the GBPAUD after it broke the 1.8380-70 region. the pair can’t be termed weak unless it closes below the 1.8370. Should this happen, then the 1.8350, the 1.8280 and the 1.8200 comeback as quotes. On the upside, the 1.8520 and the 1.8620 are likely adjacent resistances for the pair before it can target the recent high of 1.8725. During the pair’s extended rally above 1.8725, the 1.8800 and the 1.8880 can offer intermediate halts prior to diverting limelight on 1.9000 psychological magnet.
This article was originally posted on FX Empire
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