Clear break at 100-DMA signals downbeat MACD and direct bears to the six-week-old support level
Key Fibonacci levels of retracement, 200-DMA are additional upside filters.
RBA Minutes will be presented before China’s February Retail Sales, Industrial Production to guide immediate actions.
After a two-day downtrend to an overnight low, AUD/USD was still slightly bid at 0.7200 on Tuesday’s first Asian session.
However, the first daily close below the 100 DMA in more than two weeks and the most bearish signals MACD since February keep AUD/USD sellers optimistic.
However, short-term sellers will be challenged by an upwardly sloping support level at 0.7180, as of late January.
If the AUD/USD price drops below 0.7180, then the January lows of 0.7130 in January and the 0.7100 threshold in January will be highlighted.
A clear upside break at the 100-DMA (0.7222 by press time) will prolong the correction towards the 50% Fibonacci Retracement (Fibo.). From October 2021 to January 20,22 downside, approximately 0.7265
The 200-DMA (or around 0.7310) and the 61.8% Fibo. (or about 0.7335 respectively) will then entertain AUD/USD bulls, before leading them to the monthly peak of 0.7441.
