From a technical point of view, the daily chart for the AUD/USD pair shows it is marginally lower for a second consecutive day, with technical readings favoring a downward extension. The pair remains below a mildly bearish 20 Simple Moving Average (SMA), providing dynamic resistance at around 96.020 mark.
Meanwhile, technical indicators gyrate lower after failing to overcome their midlines, in line with increased selling pressure. Finally, the 50 EMA remains below the current level, although losing its bullish momentum, in line with decreased buying interest.
In the near term, and according to the 4-hour chart, the risk of a decline seems limited. AUD/JPY trades below the 100 and 200 SMAs, but a bullish 20 SMA lies at around 95.000, and will probably attract buyers if reached. Technical indicators, in the meantime, head nowhere within positive levels, down from their weekly peaks.
Strong Support level: 95.000
Strong Resistance level: 95.760
SOURCE: riveraglam.com
