May 30, 2023

Bounces off rising wedge support, 21-DMA to regain 0.7200

  • AUD/USD consolidates the biggest daily fall in a month.
  • Bearish chart formation, downbeat MACD line keep sellers hopeful.
  • Key moving averages challenge buyers, bears can aim for losses below 2021 bottom on confirming rising wedge.

AUD/USD retreats from an intraday high near 0.7215 while paring the previous day’s heavy losses ahead of Tuesday’s European session.

In doing so, the quote bounces off, a convergence of the 21-DMA and support line of the stated wedge formation, around 0.7180.

Should the quote breaks 0.7180, theory suggests AUD/USD prices mark a 300-pip slump. However, 0.7090 and 2021 bottom surrounding the 0.7000 psychological magnet may offer intermediate halts during the fall.

Alternatively, 50-DMA and the upper line of the stated wedge, close to 0.7255 and 0.7280, restrict short-term recovery moves of the AUD/USD. Adding to the immediate upside hurdle is the 100-DMA level surrounding 0.7290.

In a case where the quote rises past 0.7290, the late September’s peak near 0.7320 and the mid-November’s high of 0.7371 will be in focus.

Overall, AUD/USD bears are up for another battle to retake controls but 0.7180 is the key.

AUD/USD: Daily chart

Trend: Bearish


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