AUD/USD Price Analysis: Bears challenge 20-hour SMA near 0.7730

AUD/USD seesaws in the early European session.
Bulls face rejection near the 0.7760 mark.
Momentum oscillator in the overbought zone asks for a wait-and-watch approach.

Rekha Chauhan Independent Analyst

The AUD/USD pair edges lower on Wednesday in the initial European trading hours. The pair makes very restricted moves with negative bias.

At the time of writing, AUD/USD is trading at 0.7735, down 0.06% for the day.

AUD/USD daily chart

On the daily chart, the AUD/USD pair has been trading inside the Head and Shoulders pattern, a bearish reversal trading formation. The pair is expected to trade lower once it breaks the 0.7730 key psychological mark.

AUD/USD could be directed toward the 0.7710 horizontal support level followed by the low of May 28 at 0.7676.

The Moving Average Convergence Divergence (MACD) trades in the overbought trajectory with receding bullish momentum. This would bring more selling opportunities for AUD/USD bears, as they would be encouraged to meet the 0.7650 horizontal support level.

Alternatively, if price sustains above the 20-hour Simple Moving Average (SMA) at 0.7735, then it could continue to move upward towards the high of June 7 at 0.7766.

Market participants would then be traced back to May 18 high at 0.7814, followed by the 0.7840 horizontal resistance level.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7738
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.7739

Trends
Daily SMA20	0.7743
Daily SMA50	0.7728
Daily SMA100	0.7728
Daily SMA200	0.7539

Levels
Previous Daily High	0.7765
Previous Daily Low	0.7732
Previous Weekly High	0.7774
Previous Weekly Low	0.7644
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7744
Daily Fibonacci 61.8%	0.7752
Daily Pivot Point S1	0.7725
Daily Pivot Point S2	0.7712
Daily Pivot Point S3	0.7692
Daily Pivot Point R1	0.7759
Daily Pivot Point R2	0.7779
Daily Pivot Point R3	0.7792

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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