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Technical Analysis: AUDUSD bears need daily closing below 0.7540 to keep reins

Although AUDUSD broke three-month-old horizontal support, not to forget a descending trend line from March 05, oversold RSI tests the aussie pair’s further downside. As a result, a daily closing below 0.7540 becomes necessary for the quote to drop towards late December 2020 lows surrounding 0.7460. Though, the 0.7500 threshold can offer an intermediate halt during the fall.

If at all AUDUSD prices bounces back beyond 0.7540, also cross the 0.7560 hurdle, the corrective pullback may as well attack the 50-SMA level of 0.7630. However, a sustained move past-0.7630 will be a clear call to the bulls targeting March’s “double top” around 0.7840. During the rally, the 0.7700 round-figure comprising the March 17 low can act as a buffer.

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