AUD/USD Price Analysis: Flirts with 200-HMA inside immediate rising wedge

AUD/USD eases from one-week top, stays mildly bid.
Overbought RSI, bearish chart pattern keep stop buyers.
Sellers need clear break of 0.7750 for fresh entry.

Anil Panchal FXStreet

AUD/USD fades the post-RBA minutes run-up while retesting the 200-HMA level near 0.7785, up 0.31% intraday, ahead of Tuesday’s European session. In doing so, the Aussie pair justifies the RSI line’s pullback from the overbought area inside a short-term rising wedge bearish formation.

That said, the pair’s further weakness needs a downside break of 0.7785 before directing AUD/USD sellers towards the wedge’s support line, around 0.7750.

Should the AUD/USD prices drop below 0.7750, the 0.7700 threshold can offer an intermediate halt before directing the quote towards the monthly low near 0.7675.

Alternatively, an upside clearance of 0.7805 negates the bearish chart pattern. However, multiple tops near 0.7820 and 0.7860 could test AUD/USD bulls afterward.

In a case where the Aussie pair jumps above 0.7860, the monthly top near 0.7895 and the 0.7900 should return to the charts.

AUD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7789
Today Daily Change	24 pips
Today Daily Change %	0.31%
Today daily open	0.7765

Trends
Daily SMA20	0.7764
Daily SMA50	0.7714
Daily SMA100	0.7725
Daily SMA200	0.7498

Levels
Previous Daily High	0.7784
Previous Daily Low	0.773
Previous Weekly High	0.7892
Previous Weekly Low	0.7688
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.775
Daily Fibonacci 61.8%	0.7763
Daily Pivot Point S1	0.7735
Daily Pivot Point S2	0.7705
Daily Pivot Point S3	0.7681
Daily Pivot Point R1	0.779
Daily Pivot Point R2	0.7814
Daily Pivot Point R3	0.7844

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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