AUD/USD analysis: bearish acceleration below 0.7560

AUD/USD Current price: 0.7594

The Australian dollar remained under selling pressure, extending its decline against the greenback down to a fresh weekly low of 0.7581, to close the day around the 0.7600 level. Australia will release its quarterly PPI data during the upcoming session that may help the Aussie to recover some ground, if it beats expectations. Still, greenback's strength will likely maintain the upside limited. The pair has a daily ascendant trend line in the 0.7560 region for this Friday that already rejected selling interest this October. A break below it, however, will open doors for a decline towards the 0.7450 level, the base of these last months' range. In the short term, the bearish potential is strong, as in the 1 hour chart, the price is developing below a strongly bearish 20 SMA, while technical indicators present modest bearish slopes near oversold levels. In the 4 hours chart, the technical picture also favors the downside, as the price has broken below its 20 SMA and the 200 EMA, while technical indicators maintain strong bearish slopes within negative territory.

Support levels: 0.7560 0.7525 0.7490

Resistance levels: 0.7620 0.7660 0.7700

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