AUD/USD Price Analysis: Aussie bears approach 0.6740 as US Dollar grinds higher
- AUD/USD takes offers to refresh intraday low, prints four-day downtrend to renew weekly bottom.
- Clear downside break of one-month-old horizontal support, bearish MACD signals favor Aussie bears.
- Multiple levels marked since early June prod AUD/USD sellers ahead of 200-SMA.
- Recovery remains elusive below 0.6840, double tops near 0.6900 are the key hurdle toward the north.
AUD/USD slides to 0.6780 as it refreshes weekly low during the four-day losing streak amid very early Wednesday morning in Europe. In doing so, the Aussie pair justifies the broad US Dollar strength, while ignoring upbeat prints of Australia’s Westpac Leading Index for June.
That said, the risk-barometer pair’s downside break of a one-month-old horizontal support zone, now immediate resistance around 0.6800-05, joins the bearish MACD signals to lure the AUD/USD sellers.
With this, the major currency pair is all set to revisit a horizontal area comprising multiple levels marked since early June around 0.6740.
However, the 200-SMA level of near 0.6730 and a seven-week-old ascending support line, around 0.6665, appear tough nuts to crack for the AUD/USD bears afterward.
Meanwhile, the Aussie pair’s recovery beyond the 0.6805 remains unimpressive unless it crosses the weekly top surrounding 0.6840.
Even so, the double top bearish chart formation around the 0.6900 round figure appears the key challenge for the AUD/USD bulls to tackle to restore the market confidence.
AUD/USD: Four-hour chart
Trend: Further downside expected