AUD/USD price analysis: short-term weakness is around 0.7400, and bulls maintain expectations
China [CN] AUD / USD recorded a moderate decline, near a two-week high, and remained volatile in the short term.
AUD / USD broke through the 200 day moving average, and the downward trend since May is conducive to bulls.
Rising wedge tests short positions and is expected to fall above the level of 0.7200.
On Monday, the Australian dollar / US dollar remained under pressure in Asia. At the time of publishing, the Australian dollar / US dollar fell 0.10% to near 0.7410.
The Australian dollar fell on the first day of the past two weeks.
However, it is worth noting that the AUD / USD successfully broke through the 200 day moving average around 0.7300 and 0.7275 respectively and the downward trend since May, keeping the Bulls looking forward to it.
Even if the price of AUD / USD falls below 0.7275, it is still crucial for the exchange rate to clearly fall below the integer level of 0.7200 (combined with the support of five week rising wedge bearish form) to attract short positions.
In addition, the resistance to maintain the upward trend is near 0.7480, which is at the key level of the above wedge, becoming the short-term resistance of AUD / USD.
If the AUD / USD breaks through 0.7180, the vicinity of the October 2021 high of 0.7560 is crucial for further upside prospects.
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