- AUD / USD is moving lower after facing rejection near Friday’s high of 0.7788.
- AUD / USD may find strong support around the 0.7720 region.
- The RSI remains above the midline, keeping buyers hopeful.
The AUD / USD pair is struggling against the short-term 21-day moving average at 0.7762, as sellers for the pair come back amid a pause in the US dollar’s slide across the board.
The Australian dollar is not benefiting from rising gold and silver prices, as markets turn risk-averse amid mixed activity data in China, suggesting an uneven economic recovery in Australia’s main export destination.
At time of writing, the AUD / USD pair is trading around 0.7761, shedding 0.21% on the day, having faced rejection just below Friday’s high of 0.7788.
AUD bulls must break above that level to resume their uptrend towards 0.7800. Acceptance above this round level could continue with a significant move to the upside.
The RSI is turning down, but remains above the midline, which suggests that downside potential could be limited.
On the other hand, strong support awaits around the 0.7720 region, which is the confluence of the 50 and 100 day moving averages.
Keep in mind that the AUD / USD has not closed daily below these two averages since May 4.
A breakout of this region could expose the psychological level of 0.7700. Lower down, the May 4 low of 0.7675 could test bears’ commitment.
AUD / USD daily chart
AUD / USD additional levels
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