AUD/USD analysis: upside favored, by 0.7635 still caps

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7595

The AUD/USD pair managed to advance for a third consecutive day, but trimmed half of its daily gains and settled right below the 0.7600 level. The Aussie advanced at the beginning of the day amid dollar's weakness at the beginning of the week, and despite the American currency remained under pressure, the antipodean currency was unable to hold on to gains amid falling equities. There won't be any relevant macroeconomic releases in Australia during the upcoming Asian session to lead movements in the pair. From a technical point of view, the 4 hours chart keeps favoring the upside, given that the 20 SMA has extended its advance, now a few pips above a Fibonacci support at 0.7375, whilst technical indicators hold within positive territory, albeit lacking directional strength. A stronger rally will come only with a break above 0.7635, the two-month high set early June.

Support levels: 0.7375 0.7535 0.7500

Resistance levels: 0.7600 0.7635 0.7680

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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