AUD/USD Price Analysis: Slips below 0.7150 on the break of immediate support line

  • AUD/USD extends losses after taking a U-turn from 0.7176.
  • Key HMAs, an ascending trend line from July 20 in the spotlight.
  • Immediate support break favor sellers, MACD teasing bears for the first time in three days.

AUD/USD drops to 0.7132, down 0.20% on a day, during early Tuesday. The aussie pair recently slipped past-0.7150 after breaking a two-day-old ascending trend line. In addition to the trend line break, MACD conditions and repeated failures to cross 0.7200 also increase the odds of the quote’s pullback from a 15-month high.

As a result, bears can aim for a 100-HMA level of 0.7125 as immediate support ahead of targeting a one-week-long rising support line, at 0.7098 now. Though, the pair’s further weakness is likely to be tamed by a 200-HMA level of 0.7070.

In a case where the sellers keep dominating past-0.7070, the 0.7000 threshold will be on their radars.

Alternatively, an upside clearance of the support-turned-resistance, currently around 0.7145, could again push the quote towards 0.7200 round-figures. It’s worth mentioning that the highs marked in April and late-February months of 2019, around 0.7210, will become an additional filter for the quote’s run-up towards February 2019 top surrounding 0.7300.

AUD/USD hourly chart

Trend: Pullback expected

 

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