AUD/USD Price Analysis: Bears dominate below 20-day SMA near 0.7400


  • AUD/USD consolidates gains in the Asian session on Friday.
  • Bulls face consistent resistance between 0.7380 and 0.7400.
  • Oversold MACD implies a wait-and-watch approach before placing aggressive bids.

AUD/USD prints mild gain after aggressive selling in the overnight session,  in the Asian trading hours. The pair opened lower but swiftly recovered to the session’s high in a close trading range.

At the time of writing,  AUD/USD is trading at 0.7342, up 0.10% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under selling pressure from the high of 0.7599 made on July 6 and touched the lows of 0.7288 on July 21. 

The descending trendline from the above high acts as a strong resistance for the pair.  The trendline coincides with the break of the 20-day Simple Moving Average (SMA) at 0.7583.

That said, if price breaks and sustains below the intraday session, then it could move toward the low of August 11 at 0.7322, which is also a double support formation.

A break of the mentioned support level would bring a low of July 21 at 0.7288 back into action.

Further, bears would have an opportunity to travel back to the levels last seen on November 23, 2020, at 0.7264.

Alternatively, the oversold Moving Average Convergence Divergence (MACD) indicator with stretched selling opportunities, makes bulls hopeful for further upside movement. 

In doing so, the bulls would attempt to retest the 20-day SMA at 0.7367.
 
Next, the  AUD/USD bulls would aim to break the bearish slopping line to testify the 0.7400 psychological level.

The next area of resistance emerges at the 0.7425 horizontal resistance level.

AUD/USD additional levels

AUD/USD

Overview
Today last price 0.7343
Today Daily Change 0.0008
Today Daily Change % 0.11
Today daily open 0.7335
 
Trends
Daily SMA20 0.7367
Daily SMA50 0.7489
Daily SMA100 0.7605
Daily SMA200 0.7611
 
Levels
Previous Daily High 0.7378
Previous Daily Low 0.7331
Previous Weekly High 0.7427
Previous Weekly Low 0.7328
Previous Monthly High 0.7599
Previous Monthly Low 0.7288
Daily Fibonacci 38.2% 0.7349
Daily Fibonacci 61.8% 0.736
Daily Pivot Point S1 0.7318
Daily Pivot Point S2 0.7301
Daily Pivot Point S3 0.7271
Daily Pivot Point R1 0.7365
Daily Pivot Point R2 0.7395
Daily Pivot Point R3 0.7412

 

 

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