AUD/USD Price Analysis: Fades recovery moves around 0.7700

AUD/USD trims early-Asian gains, steps back from 21-bar SMA.
Bearish MACD, double top around 0.7740/45 favor sellers.
Two-week-old rising trend line, short-term horizontal area restricts immediate downside.

Anil Panchal FXStreet

AUD/USD witnesses a pullback from 0.7710, currently up 0.37% intraday around 0.7693, during early Tuesday. The aussie pair dropped from the multi-month high the previous day but an ascending trend line from December 21 and a 13-day-long horizontal area restricts the quote’s downside.

The 21-bar SMA takes clues from bearish MACD signals to trigger the latest weakness in AUD/USD prices, which in turn suggest further consolidation of gains towards testing the stated support line, at 0.7660.

Also acting as the key support will be the region including multiple levels since December 17, around 0.7640/45.

Although buyers are likely to return from 0.7640, failures to do so can help AUD/USD bears to challenge the 0.7600 threshold.

Meanwhile, an upside break of 21-bar SMA, at 0.7704 now, will eye for the recent highs marked around 0.7740/45, also the highest since April 2018. In a case where the bulls manage to cross 0.7745, April 2018 top near 0.7815 will gain the market’s attention.

Overall, AUD/USD remains in an uptrend unless breaking the short-term support line and horizontal area. However, intermediate retracements can’t be ruled out.

AUD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7693
Today Daily Change	29 pips
Today Daily Change %	0.38%
Today daily open	0.7664

Trends
Daily SMA20	0.7582
Daily SMA50	0.7396
Daily SMA100	0.7297
Daily SMA200	0.702

Levels
Previous Daily High	0.7741
Previous Daily Low	0.7642
Previous Weekly High	0.7743
Previous Weekly Low	0.7557
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.768
Daily Fibonacci 61.8%	0.7703
Daily Pivot Point S1	0.7624
Daily Pivot Point S2	0.7584
Daily Pivot Point S3	0.7526
Daily Pivot Point R1	0.7723
Daily Pivot Point R2	0.7781
Daily Pivot Point R3	0.7821

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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