AUD/USD retreats under pressure

<p>AUD/USD (daily chart shown below) has retreated from a month-long high of 0.7912 that was hit late last week. That high was just under both […]</p>

AUD/USD (daily chart shown below) has retreated from a month-long high of 0.7912 that was hit late last week. That high was just under both the 50-day moving average as well as a key downtrend line that extends back to September’s 0.9400-area high.

The current retreat comes after the currency pair spent the month of February range trading and rebounding from its new five-year low of 0.7625 that was hit in early February.

Shortly after that low was established, it was almost re-tested when price action once again fell below 0.7700 support to hit an intermediate low of 0.7643.

AUD/USD daily chart


Having now retreated from the recent rebound, AUD/USD is under renewed bearish pressure and is again approaching downside support around 0.7700.

Any sustained price move back below 0.7700 could prompt a breakdown to new lows towards the 0.7500 and 0.7300 target support levels.

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