Despite failing to cross the previous support line from May 13, AUDUSD holds onto bounce off 50-SMA amid early Monday. Given the pair’s risk barometer status amid the current cautious markets, AUDUSD is likely to remain heavy. Hence, a clear downside break of 50-SMA level surrounding 0.7570 should back the bears targeting the yearly low of 0.7478. During the fall, the last Monday’s swing high near 0.7545 and the 0.7500 threshold could offer intermediate halts.
Should the market sentiment improves, backing the AUDUSD beyond the 0.7610 trend line hurdle, the early month low of 0.7645 and lows marked during late May, as well as mid-June, may test the pair buyers near 0.7675. In a case where the quote stays bullish above 0.7675, the 0.7700 round figure and the monthly peak of 0.7775 will be in focus. Overall, AUDUSD consolidates the monthly losses but the key resistance tests the upside momentum.
Should the market sentiment improves, backing the AUDUSD beyond the 0.7610 trend line hurdle, the early month low of 0.7645 and lows marked during late May, as well as mid-June, may test the pair buyers near 0.7675. In a case where the quote stays bullish above 0.7675, the 0.7700 round figure and the monthly peak of 0.7775 will be in focus. Overall, AUDUSD consolidates the monthly losses but the key resistance tests the upside momentum.