AUDUSD bulls running out of steam at five-month-old hurdle
AUDUSD extends pullback from the 0.7430-40 horizontal area comprising multiple tops marked since October 2021. Given the recently steady RSI and the volatile MACD signals, not to forget Ukraine-led risk aversion and downbeat comments from RBA Governor Lowe, the upside momentum is likely to fade again. Even if the quote manages to cross the 0.7440 hurdle, the late October swing low surrounding 0.7455 will act as another hurdle to probe the buyers. It should be noted, however, that a successful rise past 0.7455 enables the quote to challenge the 2021 peak of 0.7554.
Meanwhile, pullback moves may initially aim for the March 10 peak of 0.7366 before retesting the 61.8% Fibonacci retracement (Fibo.) of October 2021 to February 2022, close to 0.7325. Should the AUDUSD bears dominate past 0.7325, the 200-DMA surrounding the 0.7300 may challenge the further downside, a break of which will make the quote vulnerable to declines towards 0.7215-10 support confluence, including 100-DMA and ascending trend line from late January.
To sum up, AUDUSD approaches a crucial hurdle to the north with fewer supportive catalysts.
