AUD/USD Price Analysis: Consolidates below 0.7800 after the triangle breakout

AUD/USD’s rally to 0.7800 takes a breather as DXY bounces.
The aussie holds upside after descending triangle breakout on the 1D chart.
Strong support is seen at 0.7768, key confluence area.

Dhwani Mehta FXStreet

AUD/USD is off the weekly highs, consolidating below 0.7800 amid a broad rebound staged by the US dollar in the European session.

The advance in gold above $1900 combined with the hawkish RBNZ decision-led Kiwi rally underpins the sentiment around the aussie.

Looking ahead, the US dollar price action could help determine whether the spot will recapture the 0.7800 mark. Fedspeak will remain in focus amid an absence of relevant first-tier US economic data.

From a near-term technical perspective, the spot extended its rally on a break above the falling trendline resistance at 0.7770.

The descending triangle breakout got confirmed after the price settled above the latter on a four-hour candlestick closing basis.

The risks remain tilted to the upside for the major, as the pattern target measured at 0.7879 remains on the buyers’ radars.

However, the 0.7800 needs to be cracked on a sustained basis to unleash additional gains.

The Relative Strength Index (RSI) has turned south while holding above the midline, suggesting the latest leg down in the prices.

AUD/USD four-hour chart

If the retracement picks up pace, the confluence of the triangle resistance and the horizontal 100-simple moving average (SMA) at 0.7770 could come to the rescue of the AUD bulls.

Further south, the 100-SMA resistance turned support at 0.7759 could be put to test.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7780
Today Daily Change	0.0028
Today Daily Change %	0.36
Today daily open	0.7751

Trends
Daily SMA20	0.7765
Daily SMA50	0.7715
Daily SMA100	0.7729
Daily SMA200	0.7515

Levels
Previous Daily High	0.7777
Previous Daily Low	0.7732
Previous Weekly High	0.7814
Previous Weekly Low	0.771
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7749
Daily Fibonacci 61.8%	0.776
Daily Pivot Point S1	0.773
Daily Pivot Point S2	0.7709
Daily Pivot Point S3	0.7686
Daily Pivot Point R1	0.7775
Daily Pivot Point R2	0.7798
Daily Pivot Point R3	0.7819

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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