AUD/USD Price Analysis: 21-DMA is the level to beat for the bears

• AUD/USD reverses Wednesday’s rebound-induced by dovish Powell.
• The aussie clings to 21-DMA support for the third straight session.
• Daily highs at 0.7471 could be retested as RSI stays bullish.

AUD/USD is turning south once again, having failed to find acceptance above the 0.7450 barrier amid a broad rebound in the US dollar and mixed Australian Trade and Retail Sales data.

The Fed tapered as expected but the central bank’s stance on the future rate hikes cheered the doves and triggered a sharp sell-off in the shorter-duration yields alongside the greenback.

From a short-term technical perspective, AUD/USD continues to challenge the 21-Daily Moving Average (DMA) at 0.7441, awaiting a daily closing below the latter to initiate a fresh downswing towards the descending 100-DMA at 0.7382.

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