AUD/USD Price Analysis: Bears challenge 20-hour SMA at 0.7800

AUD/USD consolidates gains near 0.7830 in the Asian session.
Bears seek a clear break of 0.7800 to firm the grips.
Momentum oscillator signals overbought conditions.

Rekha Chauhan Independent Analyst

AUD/USD reverses some of the previous day’s gains on Tuesday in the Asian session. The pair moves in a narrow trading band of 0.7820-0.7840, accumulating a 20-pip movement.

At the time of writing, the AUD/USD pair trades at 0.7834, up 0.04% on the day.

AUD/USD four-hour chart

On the four-hour chart, the pair reverses the previous day’s gain, after reaching the highs of 0.7892. The formation of the Doji candlestick followed by a big red candle suggests some correction in prices.

The interim support is placed at the 20-hour Simple Moving Average (SMA), 0.7800. It would mark the breach of the 20-SMA, dragging prices toward 0.7760 and 0.7720 horizontal support area.

The Relative Strength Index (RSI) reads at 53, any uptick could push prices higher in the vicinity of Friday’s high at 0.7860 (May 7), followed by the previous day at 0.7892.

The next could be the 0.7950 horizontal resistance zone on the cards.

AUD/USD Additional Levels

AUD/USD

Overview
Today last price	0.7833
Today Daily Change	0.0002
Today Daily Change %	0.03
Today daily open	0.7831

Trends
Daily SMA20	0.7752
Daily SMA50	0.7711
Daily SMA100	0.7715
Daily SMA200	0.7483

Levels
Previous Daily High	0.7892
Previous Daily Low	0.7826
Previous Weekly High	0.7863
Previous Weekly Low	0.7674
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7851
Daily Fibonacci 61.8%	0.7867
Daily Pivot Point S1	0.7807
Daily Pivot Point S2	0.7784
Daily Pivot Point S3	0.7741
Daily Pivot Point R1	0.7873
Daily Pivot Point R2	0.7916
Daily Pivot Point R3	0.7939

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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