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MTrading Team • 2023-01-31

AUDUSD stays pressured towards 0.6980-75 support confluence

AUDUSD stays pressured towards 0.6980-75 support confluence

Despite the latest pause, AUDUSD extends the week-start pullback from a nine-month high as the economic calendar starts spreading key releases. In doing so, the Aussie pair stays inside the monthly bullish channel. That said, the RSI retreat from overbought territory joins the downbeat MACD signals to also tease bears. Even so, a convergence of the stated channel support line and the 100-SMA highlights the 0.6980-75 zone as the key for the bear’s entry. Following that, a seven-week-old horizontal support zone near 0.6880 could challenge the quote’s further downside before placing the bear in the driver’s seat.

Meanwhile, multiple highs marked around 0.7130 and the recent peak surrounding 0.7150 could challenge AUDUSD bulls. Also acting as an immediate upside hurdle is the aforementioned bullish channel’s top line, close to 0.7170 at the latest. In a case where the Aussie pair remains firmer past 0.7170, the 0.7200 round figure and May 2022 high surrounding 0.7285 could gain the buyer’s attention.

Overall, AUDUSD slips from the bull’s radar but the bears need confirmation before taking control.

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