Technical Analysis: 0.6250 back on AUDUSD sellers’ radars amid risk-off
In addition to breaking a month-old rising trend line, AUDUSD also trades below the mid-April top, which in turn suggests the pair's further weakening towards April 21 low near 0.6250. However, 0.6350 can offer an intermediate stop during the pair's immediate declines. In a case where the Aussie bears dominate past-0.6250, 61.8% Fibonacci retracement level of 0.6230 and March 31 high near 0.6210 will be the key.
On the upside, a confluence of an ascending trend line from April 06 and mid-April high, surrounding 0.6445/50, restricts the pair's near-term recoveries. Even if the quote manages to cross 0.6450, it has to stay positive above the previous monthly high near 0.6570 to question March month high near 0.6685.