Go back to test the 100-day SMA

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As risk-off sentiment intensifies during Wednesday’s European session, amid further lockdowns likely to be imposed in France and Germany, the safe-haven US dollar strengthens against higher-yielding assets like the AUD .

The AUD / USD pair has returned the initial advance to close to the 0.7160 region and retraced to test the support of the 100-day moving average at 0.7110. Upbeat third-quarter CPI data from Australia has failed to offer any respite to the AUD bulls.

The latest downward movement has caused the pair to drop below the support of the 21-day moving average at 0.7138.

Sellers need a drop below the 100-day SMA, which for now continues to support prices for the last four trading days.

On the other hand, AUD / USD could retest the support now turned into resistance of the 21-day SMA if the bulls manage to regain control.

The next critical resistance is at the horizontal 50-day SMA at 0.7193.

The 14-day RSI remains flat at its midline, suggesting a lack of clear directional bias in the near term.

The markets expect a strong catalyst for the AUD / USD pair to break out of its weekly trading range.

AUD / USD daily chart

AUDUSD

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Credits: Forex Street

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