AUD/USD Price Analysis: Bulls remain hopeful despite recent weakness around 0.7400


  • AUD/USD prints mild intraday losses around two-week high, recently sidelined.
  • Sustained trading beyond 200-DMA, descending trend line from May favor buyers.
  • Rising wedge teases sellers but 0.7200 break-down becomes necessary.

AUD/USD remains pressured during Monday’s Asian session, down 0.10% around 0.7410 by the press time.

In doing so, the Aussie pair prints daily losses for the first time in the last five days while staying near a two-week high.

It should be noted, however, that the pair’s successful trading above the 200-DMA and a downward sloping trend line from May, respectively around 0.7300 and 0.7275, keep the pair buyers hopeful.

Even if the AUD/USD prices drop below 0.7275, a clear downside break of the 0.7200 round figure, comprising the support line of a five-week-old rising wedge bearish pattern, will be crucial to welcome the sellers.

On the contrary, an upward sloping resistance line around 0.7480, forming part of the stated wedge, restricts short-term AUD/USD upside.

In a case where the quote rises past 0.7180, October 2021 high near 0.7560 will be crucial to watch for the pair’s further advances.

AUD/USD: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 0.741
Today Daily Change -0.0006
Today Daily Change % -0.08%
Today daily open 0.7416
 
Trends
Daily SMA20 0.7279
Daily SMA50 0.7206
Daily SMA100 0.7217
Daily SMA200 0.7303
 
Levels
Previous Daily High 0.7419
Previous Daily Low 0.736
Previous Weekly High 0.7419
Previous Weekly Low 0.7165
Previous Monthly High 0.7286
Previous Monthly Low 0.7032
Daily Fibonacci 38.2% 0.7396
Daily Fibonacci 61.8% 0.7382
Daily Pivot Point S1 0.7377
Daily Pivot Point S2 0.7339
Daily Pivot Point S3 0.7318
Daily Pivot Point R1 0.7437
Daily Pivot Point R2 0.7458
Daily Pivot Point R3 0.7496

 

 

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