AUD/USD Price Analysis: Bears looking to seize control, break below 0.7400 awaited By HareshMenghani AUDUSD Technical Analysis Majors Currencies
The technical setup favours bearish traders and supports prospects for further losses.The AUD/USD pair
The US dollar made a solid comeback on Thursday amid the post-ECB downfall in the shared currency and modest bounce in the US Treasury bond yields. This, in turn, was seen as a key factor that dragged the AUD/USD pair lower for the second successive day, though the risk-on impulse could help limit losses for the perceived riskier aussie.
The aforementioned handle also marks confluence support comprising the 200-period SMA on the 4-hour chart and the 50% Fibonacci retracement level of the 0.7165-0.7662 strong rally. A convincing break below will be seen as a fresh trigger for bearish traders and make the AUD/USD pair vulnerable to testing the 61.8% Fibo. level, around mid-0.7300s.
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