AUDUSD is striving to extend above the curbing boundary of 0.7372-0.7422 after buyers re-emerged around a near 8-month low of 0.7289. The short-term picture suggests that sellers have gained the upper hand, which could be further confirmed by the completion of forthcoming bearish crossovers of the 200-day simple moving average (SMA) by the diving 50- and 100-day SMAs.

The Ichimoku lines are indicating a pause in negative pressures, while the short-term oscillators are transmitting mixed signals in directional momentum. The MACD below zero has nudged a tad beneath its flattened red trigger line, while the RSI has bounced off the 30 level. The stochastic oscillator has adopted a bullish tone, but is showing that upside forces will need to step up to shift the sentiment increasingly positive.

In an improving scenario, resistance may originate from the 0.7372-0.7422 capping barrier. Should buying interest persist, the bulls may then meet further restraints at the blue Kijun-sen line at 0.7465 and the nearby high at 0.7502. Piloting higher, significant upside limitations could transpire from the section of resistance of 0.7585-0.7645, which is fortified by the 50- and 100-day SMAs and the Ichimoku cloud.

If sellers resurface and steer the price down, initial support could arise from the 0.7289 low and the neighbouring boundary of 0.7220-0.7253. Another leg lower could then test the 0.7157 barrier. Should the pair sink even further, the support base of 0.6963-0.7020, formed over mid-July to the end of October, could attempt to dismiss the decline from gathering additional downward pace.