AUDUSD has launched today's trading with a strong downward move and the pair has dropped to the lowest levels of 2021. While a slight pick-up can be observed at press time, Australian dollar remains the worst performing G8 currency and trades around 0.4% lower against USD. Taking a technical look at the pair at D1 interval, we can see that sellers attempt to push the pair below the key support zone at 0.7580. The area is marked with the lower limit of the Overbalance structure as well as the previous price reactions from February 2 and March 25. 150-period EMA can be found slightly below and it acted as an important support in the past. In case buyers manage to defend this area, an upward move may be resumed. On the other hand, closing the daily candlestick below the area may hint at potential deepening of the downward move.
Source: xStation5
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