AUD/USD Price Analysis: Sellers snap two-day uptrend as 21-DMA resistance reigns

AUD/USD takes offers to refresh intraday low, prints the first daily loss in three.
RBA’s Lowe fails to impress hawks despite citing inflation woes.
Failures to cross immediate hurdles, bearish MACD signals favor sellers.
Two-month-old ascending support line, 50-DMA challenge further downside.

AUD/USD recalls bears, after a two-day absence, as it renews its intraday low near the mid-0.6900s as the Reserve Bank of Australia (RBA) Governor failed to impress policy hawks in his testimony early Wednesday.

Also read: RBA Lowe: Inflation is way too high, needs to come down

In doing so, AUD/USD takes offers to print the first daily loss in three while reversing from the 21-DMA hurdle. The downside move also gains support from the bearish MACD signals and downbeat RSI (14), not oversold.

It should be noted, however, that an upward-sloping support line from December 20, 2022, close to 0.6930 by the press time, restricts immediate declines of the AUD/USD pair.

Following that, the 50-DMA support of 0.6885 will precede the monthly low of 0.6855 to act as final defenses for the Aussie pair buyers before giving control to the AUD/USD bears.

In that case, the previous monthly low near 0.6730 could gain major attention.

Alternatively, a daily closing beyond the 21-DMA, around the 0.7000 round figure, can propel the AUD/USD prices towards the late January swing high near 0.7065 before highlighting the 0.7100 threshold as the key resistance.

During the quote’s run-up beyond 0.7100, the monthly high of 0.7157 will be crucial to watch as it holds the key to a rally targeting the June 2022 peak surrounding 0.7285.