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​Technical Analysis: AUDUSD buyers keep 0.7340/45 horizontal resistance on radar

Despite failing to cross the 10-week-old horizontal resistance line, AUDUSD buyers keep the reins above 23.6% Fibonacci retracement of its upside from the mid-June to September-start amid the bullish MACD. However, a clear upside break of 0.7340/45 becomes necessary to aim for September's peak close to 0.7415. In the meantime, there are multiple hurdles to the north near the 0.7300 threshold to tackle before eyeing the key resistance line. It should, additionally, be noted that the pair's ability to cross 0.7415 enables it to target the December 2017 bottom near the 0.7500 round-figures.

Alternatively, sellers are likely to step back unless witnessing a clear downside break below October month's top of 0.7242. While AUDUSD bears can aim for 50-day EMA, at 0.7151 now, past-0.7242, 50% Fibonacci retracement and 100-day EMA, respectively around 0.7095 and 0.7080, can challenge the pair's further declines. In a case where the south-run extends below 0.7080, the monthly low of 0.6990 will be in the spotlight.


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