AUD/USD Price Analysis: Bulls face rejection near 0.7860 despite rising iron ore prices

AUD/USD retreats from 0.7860 in the Asian session.
More downside in the offing below the 0.7820 mark.
Neutral momentum oscillator tilts in favor of bears.

Rekha Chauhan Independent Analyst

The AUD/USD pair looks exhaustive near the 0.7860 mark in the Asian session. The pair witnessed a sharp price rise on a weekly basis, however, it now lacks the strength to carry on the gains into a fresh week.

Last week’s surge in the aussie could be associated with the post-NFP-led US dollar’s decline and a record rise in iron-ore prices.

At the time of writing, the AUD/USD pair is trading at 0.7841, down 0.02% on the day.

AUD/USD four-hour chart

On the four-hour chart, the pair accumulates gains, after having touched the intraday high at 0.7862. If prices break the 20-hour Simple Moving Average (SMA) placed at 0.7830, then it will negate the upward momentum in the short term.

On moving downward, prices would meet the 0.7820 horizontal support and the next would be at0.7780, the 50% Fibonacci level. Finally seeking solace toward the 0.7740 horizontal support zone.

On the flip side, a break above the 0.7860 confluence zone could invite fresh constructive bids back towards 0.7900. Next, the bulls would ask for February 24 highs near the 0.7950 region, followed by monthly highs of 0.8000 (February 25 high).

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7845
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	0.7844

Trends
Daily SMA20	0.7742
Daily SMA50	0.771
Daily SMA100	0.7712
Daily SMA200	0.748

Levels
Previous Daily High	0.7863
Previous Daily Low	0.776
Previous Weekly High	0.7863
Previous Weekly Low	0.7674
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7824
Daily Fibonacci 61.8%	0.78
Daily Pivot Point S1	0.7782
Daily Pivot Point S2	0.772
Daily Pivot Point S3	0.768
Daily Pivot Point R1	0.7885
Daily Pivot Point R2	0.7925
Daily Pivot Point R3	0.7987

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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