- AUD/USD stays pressured near the intraday low.
- Multiple bottoms marked since Friday, 100-hour EMA question immediate downside amid nearly oversold RSI.
- A one-week-old ascending trend line also challenges the bears.
- Buyers look for sustained trading beyond 0.7400 for fresh entries.
Following its downside break of 50-hour EMA for the first time in a week, AUD/USD remains heavy around 0.7350 amid the early Wednesday. The aussie pair recently dropped to the intraday low of 0.7335 but a confluence of multiple supports marked the last three days joined 100-hour EMA to probe the pair’s further selling.
Other than the key catalysts mentioned above, nearly oversold conditions of the RSI and an upward sloping trend line from August 25 also challenge the bears.
As a result, the pair’s current selling pressure eyes a clear break of 0.7320 while 0.7335 may offer immediate support.
Should the quote drops below 0.7320, Thursday’s top surrounding 0.7290 will grab the market attention.
Meanwhile, the pair’s run-up past-50-hour EMA level of 0.7365 will need to clear 0.7400 round-figures before attacking the highest levels since August 2018, flashed during Monday, around 0.7415.
It’s worth mentioning that the July 2018 tops near 0.7485 can lure the pair bulls after 0.7415.
AUD/USD hourly chart
Trend: Pullback expected
