AUD/USD Slips on Short-Term Selling Pressure, Eyes $0.716 Target

The Australian Dollar (AUD) traded lower against the US Dollar (USD), with the AUD/USD pair slipping to $0.7115 as short-term selling pressure took hold.

The recent move lower was limited, however, and the pair remains above its 50-day and 200-day moving averages, indicating a medium- to long-term bullish alignment.

Despite mixed momentum indicators, including a strong buy signal from the MACD and mild positive readings from RSI and Stochastic RSI, the ADX suggests weak trend strength.

If the AUD/USD pair breaks above $0.7141 resistance, it may target $0.716, while a drop below $0.711 risks a move to $0.7064.