AUD/USD Price Analysis: Bulls are on the lookout for 50-day SMA above 0.7320

AUD/USD prints fresh daily gains on Tuesday in the Asian trading hour.
Additional gains for pair if price breaks the psychological 0.7300 mark.
Consolidation near 0.7300 offers resistance for the bulls.

Rekha Chauhan Independent Analyst

AUD/USD extends the previous session’s gains on Tuesday amid upbeat Australia Retail sales data. The pair opened lower but recovered swiftly to touch the intraday high of 0.7307. At the time of writing, AUD/USD is trading at 0.7302, up 0.25% for the day.

AUD/USD daily chart

Technically speaking, AUD/USD has come under selling pressure after testing the high of 0.7478 at the beginning of September series (September 3). The price took shelter near the 0.7220 with multiple bottom formations. Now, if price breaks above the descending trendline from the mentioned high level, it could meet the 50-day Simple Moving Average (SMA) at 0.7325 as the first upside target.

The Moving Average Convergence Divergence (MACD) trades below the midline with a bullish crossover. Any uptick in the MACD would open the gates for the high made on September 14 at 0.7374 followed by the 0.7400 horizontal resistance level.

Alternatively, if price reverses direction, then it could retrace to the previous day’s low of 0.7249. AUD/USD bears would then march toward the 0.7220 horizontal support level.

A daily close below the mentioned level could trigger a fresh round of selling toward the 0.7150 horizontal support level.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7302
Today Daily Change	0.0015
Today Daily Change %	0.21
Today daily open	0.7287

Trends
Daily SMA20	0.7331
Daily SMA50	0.7325
Daily SMA100	0.7476
Daily SMA200	0.7596

Levels
Previous Daily High	0.7295
Previous Daily Low	0.7249
Previous Weekly High	0.7317
Previous Weekly Low	0.7219
Previous Monthly High	0.7427
Previous Monthly Low	0.7106
Daily Fibonacci 38.2%	0.7277
Daily Fibonacci 61.8%	0.7267
Daily Pivot Point S1	0.7259
Daily Pivot Point S2	0.7231
Daily Pivot Point S3	0.7213
Daily Pivot Point R1	0.7305
Daily Pivot Point R2	0.7323
Daily Pivot Point R3	0.7351

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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