AUD/USD Price Analysis: Further upside appears elusive whilst below 100-HMA

AUD/USD rebounds from 0.7715 but the upside appears limited.
100-HMA at 0.7765 could be a tough nut to crack for the AUD bulls.
RSI has turned south below 50.00, with 21-HMA support at risk once again.

Dhwani Mehta FXStreet

AUD/USD is consolidating its bounce around 0.7750, as it appears to lack follow-through upside bias, despite the retreat in US Treasury yields.

The aussie founds fresh bids once again around 0.7715 levels and rose to towards 0.7750 after the Australian unemployment rate unexpectedly dropped to 5.5% in April while the economy lost 30.6K jobs last month, probably in the aftermath of the JobKeeper wage subsidy scheme expiration.

However, the further bounce appears limited amid negative S&P 500 futures and the recent weakness in copper prices, as China cracks down on commodities trading.

At the time of writing, the aussie is trading around 0.7750, up 0.31% on the day, with the immediate upside likely to be capped by the horizontal 100-hourly moving average (HMA) at 0.7765.

The Relative Strength Index (RSI) has turned lower, piercing through the midline, suggesting that the renewed uptick could be losing momentum.

AUD/USD hourly chart

If the downside resumes, the 21-HMA support 0.7738 could be initially probed. A sustained break below the latter could expose Wednesday’s low of 0.7710. Falling trendline support also coincides near that level.

The previous week low of 0.7688 could be the next target for the AUD sellers.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7751
Today Daily Change	0.0027
Today Daily Change %	0.35
Today daily open	0.7726

Trends
Daily SMA20	0.7766
Daily SMA50	0.7716
Daily SMA100	0.7727
Daily SMA200	0.7504

Levels
Previous Daily High	0.7802
Previous Daily Low	0.771
Previous Weekly High	0.7892
Previous Weekly Low	0.7688
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7746
Daily Fibonacci 61.8%	0.7767
Daily Pivot Point S1	0.7691
Daily Pivot Point S2	0.7655
Daily Pivot Point S3	0.7599
Daily Pivot Point R1	0.7782
Daily Pivot Point R2	0.7838
Daily Pivot Point R3	0.7874

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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