AUD/USD Price Analysis: Inches closer to 0.7700 on Wednesday’s bearish Doji

AUD/USD justifies the previous day’s bearish candlestick to trim weekly gains.
21-day, 50-day SMA add filters to the moves amid downbeat MACD.
Monthly horizontal support becomes the key level to watch during heavy losses.

Anil Panchal FXStreet

AUD/USD refreshes intraday low with 0.7736, down 0.20% on a day, while posting the heaviest losses in a week during Wednesday’s Asian session. In doing so, the Aussie pair takes bearish clues from Thursday multiple catalysts suggesting further weakness in the prices.

Among them, the bearish Doji below 21-day SMA and failures to cross a three-week-old falling trend line takes the first place. The downbeat Momentum line adds to the bearish outlook.

However, a 50-day SMA near 0.7720 could test the intraday selling of AUD/USD ahead of directing them to an important horizontal line stretched from early May around 0.7675.

Meanwhile, AUD/USD bulls need a clear upside break of 0.7775 for the 0.7800 threshold and May 18 top near 0.7815.

In a case where the quote remains bullish after 0.7815, the previous monthly peak of 0.7892 and the 0.7900 round figure will be in focus.

Overall, AUD/USD remains inside a short-term descending triangle with a bearish bias for immediate moves.

AUD/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7739
Today Daily Change	-15 pips
Today Daily Change %	-0.19%
Today daily open	0.7754

Trends
Daily SMA20	0.7763
Daily SMA50	0.7719
Daily SMA100	0.7728
Daily SMA200	0.7532

Levels
Previous Daily High	0.7774
Previous Daily Low	0.7714
Previous Weekly High	0.7797
Previous Weekly Low	0.7677
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7737
Daily Fibonacci 61.8%	0.7751
Daily Pivot Point S1	0.7721
Daily Pivot Point S2	0.7688
Daily Pivot Point S3	0.7662
Daily Pivot Point R1	0.778
Daily Pivot Point R2	0.7807
Daily Pivot Point R3	0.7839

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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