AUD/USD Price Analysis: Licks Aussie CPI-led wounds around mid-0.7700s

AUD/USD prints corrective pullback as short-term support line tests bears.
Sellers look to confirm ‘double-top amid bearish MACD.
Bulls need fresh monthly high to retake controls.

Anil Panchal FXStreet

AUD/USD pares Australia CPI-led losses while printing a bounce-off two-week-old support line, down 0.30% intraday around 0.7742, by the press time ahead of Wednesday’s European session.

Although immediate support tests AUD/USD sellers, bearish MACD and a ‘double-top bearish formation on the four-hour chart signal the pair’s weakness.

As a result, fresh selling should take place below the adjacent support line near 0.7740 to confirm the bearish chart pattern by a downside break of 0.7695–90 area.

While sustained trading below 0.7690 theoretically drags the AUD/USD prices toward the monthly low of 0.7531, an upward sloping trend line from April 01 could offer intermediate challenges to the bears.

Alternatively, recovery moves can target the 0.7800 but 0.7820 becomes the key hurdle to watch afterward.

Should AUD/USD remains firm past-0.7820, March month’s high of 0.7850 will regain the market’s attention.

AUD/USD four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7743
Today Daily Change	-22 pips
Today Daily Change %	-0.28%
Today daily open	0.7765

Trends
Daily SMA20	0.7687
Daily SMA50	0.7722
Daily SMA100	0.7695
Daily SMA200	0.7455

Levels
Previous Daily High	0.7806
Previous Daily Low	0.776
Previous Weekly High	0.7817
Previous Weekly Low	0.769
Previous Monthly High	0.785
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7778
Daily Fibonacci 61.8%	0.7789
Daily Pivot Point S1	0.7748
Daily Pivot Point S2	0.7732
Daily Pivot Point S3	0.7703
Daily Pivot Point R1	0.7794
Daily Pivot Point R2	0.7823
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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