AUD/USD Price Analysis: Sticks to recovery gains, around 0.7430-35 area ahead of US CPI By HareshMenghani AUDUSD Technical Analysis Majors Currencies Inflation
Resilience below the 0.7400 mark/50% Fibo. level warrants caution for bearish traders.The AUD/USD pair
From a technical perspective, the recent sharp pullback from the highest level since June 2021 showed some resilience below the 50% Fibonacci retracement level of the 0.7165-0.7662 strong rally. This is closely followed by the 200-period SMA on the 4-hour chart, around the 0.7385 region, which should now act as a key pivotal point for short-term traders.
With technical indicators on the daily chart losing positive traction and holding deep in the bearish territory on the 4-hour, the AUD/USD pair could then turn vulnerable to test the 0.7300 mark. The downward trajectory could further get extended towards the 0.7240 region en-route the 0.7200 round figure and the 0.7175-0.7170 support zone.
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