AUD/USD Price Analysis: Bounces off monthly support towards 0.7500

AUD/USD snaps two-day losses, refreshes intraday top of late.
Firmer MACD, strong RSI add to the bullish bias.
Convergence of 200-DMA, three-month-old resistance line becomes a tough nut to crack for the bulls.

Anil Panchal FXStreet

AUD/USD again rebounds from a monthly support line, snapping a two-day downtrend while refreshing the daily high around 0.7485 ahead of Monday’s European session.

Given the firmer RSI line, not overbought, coupled with the bullish MACD signals, AUD/USD prices are likely to remain firm, suggesting the 0.7500 threshold break on hand.

However, the latest swing high near 0.7550, also the highest since early July, will precede the convergence of the 200-DMA and an upward sloping trend line from July 29 to challenge the AUD/USD upside close to 0.7565.

Should the pair buyers ignore RSI conditions and overcome the 0.7565 hurdle, the late June’s peak of 0.7617 will be in focus.

Meanwhile, a daily closing below the stated support line, near 0.7455 by the press time, will aim for the 100-DMA level of 0.7397 to probe the AUD/USD bears.

In a case where the quote remains weak past 100-DMA, July’s low near 0.7290-85 should return to the chart.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.7487
Today Daily Change	0.0023
Today Daily Change %	0.31%
Today daily open	0.7464

Trends
Daily SMA20	0.7345
Daily SMA50	0.7318
Daily SMA100	0.74
Daily SMA200	0.7563

Levels
Previous Daily High	0.7513
Previous Daily Low	0.7452
Previous Weekly High	0.7547
Previous Weekly Low	0.7378
Previous Monthly High	0.7478
Previous Monthly Low	0.717
Daily Fibonacci 38.2%	0.7476
Daily Fibonacci 61.8%	0.749
Daily Pivot Point S1	0.744
Daily Pivot Point S2	0.7416
Daily Pivot Point S3	0.7379
Daily Pivot Point R1	0.75
Daily Pivot Point R2	0.7537
Daily Pivot Point R3	0.7561

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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