AUD/USD Price Analysis: Buyers face strong resistance near 0.7550
|- AUD/USD trades higher on Friday in the early European session.
- The pair contiunes to move higher from the lows of 0.7191 in the October series.
- A break below 0.7450 could expose more downside risk for AUD/USD.
AUD/USD manages to contain the previous day’s decline on Friday. The pair fell from the high of 0.7547 composed of more than 80-pips movement in the overnight session. At the time of writing, AUD/USD is trading at 0.7477, up 0.11% for the day.
AUD/USD daily chart
On the daily chart, the AUD/USD pair has been facing a strong resistance barrier near 0.7550 where the current rally faces downside pressure. The spot has posted strong gains since the beginning of the October series from the lows of 0.7191.
If the price breaks below the intraday low then the first downside target appears at the 0.7410 horizontal support level, followed by the low made on October, 13 at 0.7322.
The Moving Average Convergence Divergence (MACD) trades into the overbought zone. Any downtick in the MACD would open the gates for the 0.7300 horizontal support level.
Alternatively, if the price breaks above the intraday high, it could move back to the previous day’s high of 0.7547. Further, a daily close above the 100-day Simple Moving Average (SMA) at 0.7588 would make the possibility of the psychological 0.7600 level. Next, on the bulls' radars will be the 0.7650 horizontal resistance level.
AUD/USD additional levels
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