AUD/USD Price Analysis: Bears threaten 0.7740 support confluence

AUD/USD pared early gains in the European session.
Pair moves in a broader trading range on the 4-hour chart.
Technical indicators point at downward bias.

Rekha Chauhan Independent Analyst

The AUD/USD pair possessed a reclusive move on Thursday. The pair swung back to the 0.7740 mark having traveled to intraday lows at 0.7722.

AUD/USD 4-hour chart

On the 4-hour chart, the pair has been accumulating in a broader trading range between 0.7740-7800. The swing bottoms near 0.7740 remain a key support level to decide the fate of the pair.

The receding Moving Average Convergence Divergence (MACD) indicator indicates impending downward movement. The AUD/USD pair could test the low of April 24 at 0.7713. On breaking the 0.7700 mark, the selling could further be intensified toward the May 13 low at 0.7687.

The next area of support outside the broader trading range would be the 0.7660 horizontal support level.

Alternatively, if price sustained above the 0.7740 level, then it could crawl back to the 50-hour Simple Moving Average (SMA) at 0.7755. Then it might march toward the broader upper trading range at 0.7790.

The breach of the trading range would bring the 0.7820 horizontal resistance level into the action.

AUD/USD Additional Levels

AUD/USD

Overview
Today last price	0.7742
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	0.7743

Trends
Daily SMA20	0.7763
Daily SMA50	0.7714
Daily SMA100	0.7728
Daily SMA200	0.7518

Levels
Previous Daily High	0.7797
Previous Daily Low	0.773
Previous Weekly High	0.7814
Previous Weekly Low	0.771
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7756
Daily Fibonacci 61.8%	0.7771
Daily Pivot Point S1	0.7716
Daily Pivot Point S2	0.769
Daily Pivot Point S3	0.7649
Daily Pivot Point R1	0.7783
Daily Pivot Point R2	0.7824
Daily Pivot Point R3	0.785

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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