AUD/USD Price Analysis: Bulls struggle to hold 0.7720 near 50-day SMA

AUD/USD gathers momentum in the early European session.
Pair moves near the lower trend line of symmetrical triangle.
Neutral MACD asks for a wait-and-watch approach.

Rekha Chauhan Independent Analyst

The AUD/USD pair started the fresh trading week on a higher note. The pair recovered a part of Friday’s losses, consisting of 30-pips movement.

At the time of writing, the AUD/USD pair trades at 0.7727, up 0.18% on the day.

AUD/USD daily chart

On the daily chart, the AUD/USD pair is accumulating gains inside the symmetrical triangle. The Pair is placed at the 50-day Simple Moving Average (SMA), which also coincides with the rising trendline from the lows of 0.7674.

The pair faces a strong price barrier near 0.7730, with multiple top formations. If price breaks 0.7720, then it would mark the triangle breakout on the downside. In doing so, AUD/USD is expected to travel back to Thursday’s low at 0.7676.

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with bearish momentum. If MACD slips below the midline, then it would initiate another round of selling toward April 14 low at 0.7633 followed by the 0.7600 horizontal support level.

Alternatively, if price sustained above the session’s high, then AUD/USD bull’s could crawl back to the 0.7750 horizontal resistance level and would next aim at the May 26 high at 0.7797.

The price action would have further potential to recoup the May 12 high at 0.7847.

AUD/USD Additional Levels

AUD/USD

Overview
Today last price	0.7728
Today Daily Change	0.0016
Today Daily Change %	0.21
Today daily open	0.7712

Trends
Daily SMA20	0.7762
Daily SMA50	0.7713
Daily SMA100	0.7727
Daily SMA200	0.7524

Levels
Previous Daily High	0.7749
Previous Daily Low	0.7677
Previous Weekly High	0.7797
Previous Weekly Low	0.7677
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7704
Daily Fibonacci 61.8%	0.7721
Daily Pivot Point S1	0.7676
Daily Pivot Point S2	0.764
Daily Pivot Point S3	0.7604
Daily Pivot Point R1	0.7748
Daily Pivot Point R2	0.7785
Daily Pivot Point R3	0.782

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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