Technical Analysis: AUDUSD remains vulnerable despite corrective pullback above 0.7600

Technical Analysis: AUDUSD remains vulnerable despite corrective pullback above 0.7600

AUDUSD wavers around 11-week-old support during early Tuesday, recently bouncing off the monthly low. However, the pair’s sustained trading below an ascending trend line from November 02 and 50-day SMA keeps sellers hopeful. While fresh selling should begin following a daily closing below the immediate support line, at 0.7650 now, the yearly bottom around 0.7560 and the 100-day SMA level near 0.7530 will test the bears afterward.

Meanwhile, an upside break of 50-day SMA and the support-turned-resistance line, respectively around 0.7735 and 0.7775, will have to refresh the monthly top near 0.7840 to recall the AUDUSD bulls. Following that, the 0.7900 round-figure may offer an intermediate halt during the rally targeting to refresh February’s peak close to the 0.8000 psychological magnet.

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