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Denis Sergienko • 2021-05-17

Technical Analysis: AUDUSD looks set to retest 200-SMA support

Technical Analysis: AUDUSD looks set to retest 200-SMA support

China’s downbeat Retail Sales and Industrial Production joined the sluggish sentiment to weigh on AUDUSD during early Monday. The risk barometer also takes clues from the bearish MACD and downward sloping RSI line to keep sellers hopeful. However, 200-SMA near 0.7715, quickly followed by the 0.7700 threshold, could test the short-term bears. If at all the AUDUSD sellers dominate past-0.7700, 61.8% Fibonacci retracement level close to 0.7670 will be the key to watch.

During the Aussie pair’s recovery moves, the recent swing high around 0.7785 guards the immediate upside ahead of the key horizontal resistance area near 0.7820. Additionally, May 11 top near 0.7855 adds to the upside barriers ahead of directing AUDUSD bulls toward the monthly high around 0.7890, needless to mention the 0.7900 round-figure.

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