AUD/USD Price Analysis: Bears take a breather on the way to 0.7380

AUD/USD stays range-bound following the biggest daily slump in five months.
Rising wedge confirmation, steady declines below 0.7460 support convergence keep sellers hopeful.
Short-term horizontal support area, 200-SMA put a floor under the prices amid oversold RSI.

Anil Panchal FXStreet

AUD/USD consolidates the RBA-led big slump within an 18-pip trading range, picking up bids near 0.7438 heading into the European session on Wednesday.

Although oversold RSI conditions probe the immediate downside of the Aussie pair, the bears remain hopeful of breaking the key technical supports the previous day.

After confirming a rising wedge bearish chart pattern on the RBA’s verdict to give up the bond yield targeting, the Aussie pair also slipped below a convergence of 100-SMA and an ascending trend line from September 29, around 0.7460.

That said, the quote remains on the bear’s radar until crossing the 0.7460 support-turned-resistance. Even so, the lower line of the wedge, around 0.7500 adds to the upside filters before recalling the AUD/USD buyers.

In a case where the pair stays strong beyond the 0.7500 threshold, the upper line of the stated bearish formation and October’s peak will lure the bulls around 0.7560.

Alternatively, three-week-old horizontal support, near 0.7380, seems live on the AUD/USD pair seller’s radar but any further weakness will be challenged by the 200-SMA level around 0.7360.

AUD/USD: Four-hour chart

Trend: Bearish

Additional important levels

Overview
Today last price	0.7436
Today Daily Change	0.0007
Today Daily Change %	0.09%
Today daily open	0.7429

Trends
Daily SMA20	0.7433
Daily SMA50	0.7358
Daily SMA100	0.7385
Daily SMA200	0.7556

Levels
Previous Daily High	0.7532
Previous Daily Low	0.7419
Previous Weekly High	0.7557
Previous Weekly Low	0.7463
Previous Monthly High	0.7557
Previous Monthly Low	0.7191
Daily Fibonacci 38.2%	0.7462
Daily Fibonacci 61.8%	0.7489
Daily Pivot Point S1	0.7388
Daily Pivot Point S2	0.7347
Daily Pivot Point S3	0.7275
Daily Pivot Point R1	0.7501
Daily Pivot Point R2	0.7573
Daily Pivot Point R3	0.7615

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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