AUD/USD Price Analysis: Buyers face strong resistance near 0.7550

AUD/USD trades higher on Friday in the early European session.
The pair contiunes to move higher from the lows of 0.7191 in the October series.
A break below 0.7450 could expose more downside risk for AUD/USD.

Rekha Chauhan Independent Analyst

AUD/USD manages to contain the previous day’s decline on Friday. The pair fell from the high of 0.7547 composed of more than 80-pips movement in the overnight session. At the time of writing, AUD/USD is trading at 0.7477, up 0.11% for the day.

AUD/USD daily chart

On the daily chart, the AUD/USD pair has been facing a strong resistance barrier near 0.7550 where the current rally faces downside pressure. The spot has posted strong gains since the beginning of the October series from the lows of 0.7191.

If the price breaks below the intraday low then the first downside target appears at the 0.7410 horizontal support level, followed by the low made on October, 13 at 0.7322.

The Moving Average Convergence Divergence (MACD) trades into the overbought zone. Any downtick in the MACD would open the gates for the 0.7300 horizontal support level.

Alternatively, if the price breaks above the intraday high, it could move back to the previous day’s high of 0.7547. Further, a daily close above the 100-day Simple Moving Average (SMA) at 0.7588 would make the possibility of the psychological 0.7600 level. Next, on the bulls' radars will be the 0.7650 horizontal resistance level.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7479
Today Daily Change	0.0012
Today Daily Change %	0.16
Today daily open	0.7467

Trends
Daily SMA20	0.7334
Daily SMA50	0.7316
Daily SMA100	0.7403
Daily SMA200	0.7565

Levels
Previous Daily High	0.7547
Previous Daily Low	0.7458
Previous Weekly High	0.7441
Previous Weekly Low	0.7291
Previous Monthly High	0.7478
Previous Monthly Low	0.717
Daily Fibonacci 38.2%	0.7492
Daily Fibonacci 61.8%	0.7513
Daily Pivot Point S1	0.7434
Daily Pivot Point S2	0.7401
Daily Pivot Point S3	0.7344
Daily Pivot Point R1	0.7523
Daily Pivot Point R2	0.758
Daily Pivot Point R3	0.7613

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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