AUD/USD Price Analysis: Bulls aim to reach 0.7650 mark amid overbought RSI
- AUD/USD prints gains in the Asian session.
- Pair touches the low on Wednesday, the level last seen in April.
- Momentum oscillator holds onto the negative territory.
The AUD/USD edges higher in the early European session on Thursday. The pair recovers part of its previous day’s losses and manages to gain above the intraday low of 0.7597.
At the time of writing, AUD/USD trades at 0.7630, up 0.25% for the day.
AUD/USD daily chart
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On the daily chart, the AUD/USD pair has been consolidating near the 0.7630 mark, the level coincides with the multiple support formation. The price forms a Doji candlestick, which reflects some apprehension among AUD/USD bulls.
The descending trendline from the high of 0.7892 acts as a strong resistance barrier for AUD/USD.
The pair could see further upside if it sustains above the sessions high at 0.7646. In doing so the price would meet the first target at the 0.7670 horizontal resistance level followed by the high of June 14 at 0.7727.
The Relative Strength Index (RSI) indicator reads at 36, however, tilts toward the upside. Any uptick in the RSI would push price higher to the June 11 top at 0.7776.
Alternatively, if AUD/USD moves lower then it could retest the low of April 13 at 0.7585. The next target on the bear's radar would be the 100-day Simple Moving Average (SMA) at 0.7730.
A break of the 100- day SMA would bring the levels last in December 2020 at 0.7338.
AUD/USD additional levels
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.
