AUD/USD Price Analysis: Bulls struggle near 0.7745 inside symmetrical triangle
- AUD/USD seesaws in the pre-European session on Friday.
- Pair trades cautiously inside symmetrical triangle waiting for a breakout.
- MACD remains neutral with receding upside momentum.
The AUD/USD pair is accumulating modest losses on the last trading day of the week. The pair moves in a very narrow range below the midpoint of 0.7700 level.
At the time of writing, the AUD/USD pair is trading at 0.7745 down 0.04% on the day.
AUD/USD daily chart
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On the daily chart, the AUD/USD pair is following the previous session’s shallow market movements. The pair continues to consolidate in a trading band of 0.7730-0.7770. The formation of Doji candlesticks reflects indecision among traders.
A meaningful trading action will be observed after the symmetrical triangle breakout occurs in either direction.
AUD/USD is comfortably placed above the 100-day Simple Moving Average (SMA), which indicates short-term positive bias. If price sustains above the intraday high at 0.7748, then it could touch the 0.7800 horizontal resistance level, which also coincides with the downward sloping line of the triangle.
A break of the bearish slope line would prompt AUD/USD bulls to recapture May 12 high at 0.7847. In doing so, price would navigate toward the May 10 high at 0.7892.
Alternatively, the receding Moving Average Convergence Divergence (MACD) could drag price onto a lower trajectory starting with 100-day SMA at 0.7725.
Sellers would pull up their sleeves to retest the 0.7700 horizontal support level followed by a test of the May 4 low at 0.7674.
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.
