AUD/USD Price Analysis: Bears attempt to break below 0.7300

AUD/USD locks in substantial losses in the early European session.
Double support near 0.7310 offers hope to the bulls, downside risk persists.
Oversold MACD implies a wait-and-watch approach before placing aggressive bids.

Rekha Chauhan Independent Analyst

AUD/USD continues to trade lower following the previous week sluggish momentum in the European trading hours. After testing the high just below 0.7350, the pair fall freely toward the session’s low.

At the time of writing, AUD/USD is trading at 0.7309, down 0.38% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under consolidating in a broader trading range of 0.7320 and 0.7420 for the past month, thus forming a rectangle channel. AUD/USD bears break the mentioned training range and continued to drag the pair lower.

A sustained move below intraday’s low could bring back levels last seen in November 2020 back in the picture. The first in line target would be the July 21 low of 0.7288.

AUD/USD weekly chart

The Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone. Any downtick in the MACD would open the gates for the levels last seen in November 2020.

Bears would head towards the weekly low of November 27, 2020, at 0.7264 followed by the 0.7210 horizontal support level.

Alternatively, if price moves higher then it could test the 0.7350 and the 0.7390 horizontal resistance levels.

Next, the market participants would aim for the July 16 high of 0.7417.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7308
Today Daily Change	-0.0029
Today Daily Change %	-0.40
Today daily open	0.7337

Trends
Daily SMA20	0.7365
Daily SMA50	0.7474
Daily SMA100	0.7599
Daily SMA200	0.7611

Levels
Previous Daily High	0.7373
Previous Daily Low	0.7318
Previous Weekly High	0.739
Previous Weekly Low	0.7315
Previous Monthly High	0.7599
Previous Monthly Low	0.7288
Daily Fibonacci 38.2%	0.7339
Daily Fibonacci 61.8%	0.7352
Daily Pivot Point S1	0.7313
Daily Pivot Point S2	0.7288
Daily Pivot Point S3	0.7258
Daily Pivot Point R1	0.7367
Daily Pivot Point R2	0.7398
Daily Pivot Point R3	0.7422

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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