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Technical Analysis: 100-day SMA, monthly support line defend AUDUSD bulls

Although risk-off mood and the RBA's cautious optimism weigh on the AUDUSD prices during early Tuesday, the Aussie pair stays beyond the 100-day SMA, not to forget an ascending trend line from April 01. It should, however, be noted that the receding bullish bias of MACD and downward sloping RSI hints that the buyers stepping back. Hence, a clear break below the key SMA and trend line support, respectively around 0.7700 and 0.7680, will be the open invitation to the AUDUSD sellers.

Meanwhile, 50% and 61.8% Fibonacci retracement of February-April downside, near 0.7770 and 0.7825 in that order, become the tough nuts to crack for AUDUSD bulls. In a case where the quote marks a daily closing beyond 0.7825, the 0.7900 threshold may offer an intermediate halt during the run-up targeting February top surrounding the 0.8000 psychological magnet.

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