- 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.
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
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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
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