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.

Rekha Chauhan Independent Analyst

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

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

AUD/USD

Overview
Today last price	0.7743
Today Daily Change	-0.0004
Today Daily Change %	-0.05
Today daily open	0.7747

Trends
Daily SMA20	0.7762
Daily SMA50	0.7713
Daily SMA100	0.7728
Daily SMA200	0.7521

Levels
Previous Daily High	0.7758
Previous Daily Low	0.7722
Previous Weekly High	0.7814
Previous Weekly Low	0.771
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7744
Daily Fibonacci 61.8%	0.7736
Daily Pivot Point S1	0.7727
Daily Pivot Point S2	0.7706
Daily Pivot Point S3	0.7691
Daily Pivot Point R1	0.7763
Daily Pivot Point R2	0.7778
Daily Pivot Point R3	0.7799

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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