Following the previous day’s fall, the AUD/USD trades with minor losses.
Bulls are facing rejection near the psychological level of 0.7500.
Aggressive bids are cautioned by the momentum oscillator.
In Monday’s Asian trading session, the AUD/USD maintains its downward trend from the previous day. The pair reached a high of 0.7490 before crashing to a low of 0.7476.
The AUD/USD currency pair is currently trading at 0.7480, down 0.05 percent on the day.
On the 4-hour chart, the AUD/USD pair has been encountering solid resistance near the falling trendline from Wednesday’s high near the 0.7600 mark.
With a neutral position, the Moving Average Convergence Divergence (MACD) trades below the midline. Any decrease in the MACD will exacerbate the selling pressure.
The bears might then take out the horizontal support levels of 0.7465 and 0.7445.
The AUD/USD bears will then focus on the 0.7409 low hit on Friday.
Alternatively, if price breaks through the bearish slope line, it may revert the current trend and move north.
The critical psychological milestone of 0.7500 will be the first goal for bulls in line.
A close over 1.2500 would open the door to the 0.7520 horizontal resistance level, which would be followed by the 0.7535 high from Wednesday./n
