AUD/USD Price Analysis: Bulls lose control near 0.7500
|- AUD/USD prints mild losses following the previous day’s decline.
- Bulls face rejection near the 0.7500 key psychological mark.
- The momentum oscillator throws caution on aggressive bids.
AUD/USD extends the previous day’s downside momentum and edges lower in the Asian trading session on Monday. The pair made a high of 0.7490 and retreated quickly to the low of 0.7476.
At the time of writing, AUD/USD is trading at 0.7480, down 0.05% for the day.
AUD/USD 4-hour chart
On the 4-hour chart, the AUD/USD pair has been facing stiff resistance near the descending trendline from the high in the vicinity of the 0.7600 area made on Wednesday.
The Moving Average Convergence Divergence (MACD) trades below the midline with a neutral stance. Any downtick in the MACD would intensify the selling pressure.
In doing so, the bears could capture the 0.7465 and the 0.7445 horizontal support levels.
Next, the low made on Friday at 0.7409 will be on the AUD/USD bears radar.
Alternatively, if price breaks the bearish slope line, then it could reverse the prevailing trend and move north.
The first target for bulls in line will be the 0.7500 key psychological mark.
A close above the 1.2500 would open the gates for the 0.7520 horizontal resistance level, followed by the high of Wednesday at 0.7535.
AUD/USD additional levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.