AUD/USD Price Analysis: Bulls face critical resistance near 0.7760, consolidates in predefined range


  • AUD/USD displays well-known moves in the early European trading hours.
  • Bulls face resistance barriers near the 0.7745 multiple stops.
  • The neutral momentum oscillator adopts a wait-and-watch approach.

The AUD/USD pair recovers part of its previous day’s losses on Thursday in the initial European session. The pair quickly rebounds from the lows of 0.7221 to trade near the session’s high.

At the time of writing, AUD/USD trades at 0.7736, up 0.09% for the day.

AUD/USD daily chart

On the daily chart, the AUD/USD pair is consolidating in the range of 0.7720-0.7760 for the past two sessions. The downward trend line from the highs of 0.7892 acts as a wall of defense for the bulls.

AUD/USD is placed comfortably above the 50-day Simple Moving Average (SMA) at 0.7723. If price breaks the above-mentioned level, then it would invite more selling opportunities. The first area of support could be located at the 0.7700 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator coincides with the midline while possessing a neutral stance. Any downtick in the MACD would trigger another round of selling for the pair. On moving lower, AUD/USD bears would navigate toward the June 4 low at 0.7650.

In doing so, the gates will be open for the levels seen in early April at the 0.7600 horizontal support level.

Alternatively, if price is able to cross the session’s high at 0.7738, then it could continue to move toward the previous day’s high at 0.7763 in the first target place. 

AUD bulls would then encounter the highs of June 7 at 0.7794, which also coincides with the aforesaid bearish sloping line. The next area of resistance aligns at the April 26 high in the vicinity of 0.7820 area.

AUD/USD additional levels

AUD/USD

Overview
Today last price 0.7735
Today Daily Change 0.0004
Today Daily Change % 0.05
Today daily open 0.7731
 
Trends
Daily SMA20 0.7743
Daily SMA50 0.773
Daily SMA100 0.7728
Daily SMA200 0.7541
 
Levels
Previous Daily High 0.7763
Previous Daily Low 0.7724
Previous Weekly High 0.7774
Previous Weekly Low 0.7644
Previous Monthly High 0.7892
Previous Monthly Low 0.7674
Daily Fibonacci 38.2% 0.7739
Daily Fibonacci 61.8% 0.7748
Daily Pivot Point S1 0.7715
Daily Pivot Point S2 0.77
Daily Pivot Point S3 0.7676
Daily Pivot Point R1 0.7755
Daily Pivot Point R2 0.7779
Daily Pivot Point R3 0.7794

 


 

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