AUD/USD analysis: rejection from 0.7500 keeps Aussie buyers dejected

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7447

The AUD/USD pair gave up all of its early gains and ended the week unchanged at 0.7447, faltering twice these last few days, to surpass the 0.7500 level. The decline was triggered by falling oil prices, as commodities led the way for Aussie in a week with scarce local news. Australia will have little to offer this week, with the following one becoming more interesting, with employment figures and the RBA. The daily chart shows that the pair topped twice at 0.7515, and settled a couple of pips above the 38.2% retracement of its latest recovery, between May's low of 0.7328 and the mentioned high. In the same chart, technical indicators have lost upward strength, with the Momentum flat within neutral territory, but the RSI gaining downward strength around 48, supporting some additional slides. The 20 DMA stands flat around the 50% retracement of the mentioned rally, and where the pair bottomed on Friday, at 0.7420, the immediate support and the level to break to confirm additional slides. In the shorter term, and according to the 4 hours chart, the pair presents a neutral-to-bearish stance, with indicators lacking directional strength below their mid-lines and the price below a bearish 20 SMA, this last providing an immediate intraday resistance around 0.7470.

Support levels: 0.7420 0.7390 0.7365

Resistance levels: 0.7470 0.7515 0.7550

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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