Australian Dollar trims gains as US Dollar appreciates due to risk aversion
Technical Analysis: Australian Dollar remains above 50-day EMA near 0.6700
The Australian Dollar trades around 0.6680 on Monday. On the daily chart, the AUD/USD pair remains below the nine-day Exponential Moving Average (EMA), signaling a short-term bearish trend. Additionally, the 14-day Relative Strength Index (RSI) has dropped below the 50 level, further confirming a bearish momentum.
On the downside, the AUD/USD pair is testing immediate support near the 50-day EMA at the 0.6676 level. A decisive break below this point could strengthen the bearish bias, pushing the pair toward the throwback level around 0.6575 . A deeper decline might target the lower support around 0.6470.
In terms of resistance, the AUD/USD pair may encounter a barrier around the nine-day EMA at 0.6720. A break above this level could pave the way for a potential retest of the seven-month high at 0.6798.
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