AUD/USD Price Analysis: Short-lived pullback to drive near 50-EMA at 0.7540

• AUD/USD may witness a short-lived pullback towards the 50-EMA at 0.7540.
• A bear cross of 20- and 50-EMAs at 0.7565, adds to the downside filters.
• The RSI (14) has shifted into a bearish range of 20.00-40.00.

The AUD/USD pair has been through intense selling pressure after printing a fresh nine-month high at 0.7662 on Tuesday. The major has fallen like a house of cards and considering the ongoing price action, a bearish bias is likely to persist further. The major has eased more than 2.5% in the last two trading sessions.

On an hourly scale, AUD/USD is hovering around the critical demand zone, which is placed in a narrow range of 0.7456-0.7470. A sheer plunge in an asset is generally followed by a short-lived pullback which may drive the asset towards the 50-period Exponential Moving Average (EMA) at 0.7540.

A bear cross of 20- and 50-period Exponential Moving Averages (EMAs) at 0.7565, has infused an adrenaline rush into bears.

The Relative Strength Index (RSI) (14) has displayed a range shift after turning into a bearish range of 20.00-40.00 from the previous 40.00-60.00 range.

A short-lived pullback around the 50-EMA at 0.7540 will be a potential selling juncture for the market participants. This will drag the asset towards the demand zone of 0.7456-0.7470 range. Breach of the latter will expose the asset to further downside towards the March 21 low at 0.7373.

However, aussie bulls may regain strength if the asset surpasses Wednesday’s high at 0.7594. This will drive the asset towards the nine-month high at 0.7662, followed by the 11 June 2021 high at 0.7776.

AUD/USD hourly chart