AUD/USD Price Analysis: Move beyond mid-0.7700s to pave way for further gains

The risk-on mood undermined the safe-haven USD and assisted AUD/USD to regain traction.
The set-up seems tilted in favour of bullish traders and supports prospects for additional gains.

Haresh Menghani FXStreet

The AUD/USD pair regained positive traction on Thursday and reversed the previous day's modest losses. The underlying bullish sentiment undermined demand for the safe-haven USD and was seen as a key factor that benefitted the perceived riskier aussie.

From a technical perspective, the overnight pullback from two-week tops stalled near a one-month-old descending trend-line resistance breakpoint, near the 0.7715 region. The emergence of some dip-buying near the resistance-turned-support favours bullish traders.

The constructive outlook is reinforced by bullish technical indicators on intraday/daily charts. That said, bulls might still need to wait for some follow-through buying beyond the overnight swing highs, around the 0.7755 region, before placing fresh bets.

Above the mentioned hurdle, the AUD/USD pair seems all set to build on its recent appreciating move and aim back to reclaim the 0.7800 mark. The momentum could eventually push the pair back towards multi-year tops, around the 0.7820 region touched on January 6.

On the flip side, the 0.7715 region might continue to act as immediate support and is closely followed by the 0.7700 mark. A convincing break below the latter might prompt some technical selling and accelerate the slide further towards the 0.7660 horizontal support.

Some follow-through weakness will negate the near-term positive bias and turn the AUD/USD pair vulnerable to test the 0.7600 round-figure mark. The downfall could further get extended back towards challenging monthly swing lows, around the 0.7565 region.

AUD/USD 4-hourly chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.7743
Today Daily Change	0.0023
Today Daily Change %	0.30
Today daily open	0.772

Trends
Daily SMA20	0.7692
Daily SMA50	0.7642
Daily SMA100	0.7419
Daily SMA200	0.7207

Levels
Previous Daily High	0.7756
Previous Daily Low	0.7716
Previous Weekly High	0.7675
Previous Weekly Low	0.7562
Previous Monthly High	0.782
Previous Monthly Low	0.7592
Daily Fibonacci 38.2%	0.7732
Daily Fibonacci 61.8%	0.7741
Daily Pivot Point S1	0.7706
Daily Pivot Point S2	0.7691
Daily Pivot Point S3	0.7666
Daily Pivot Point R1	0.7745
Daily Pivot Point R2	0.7771
Daily Pivot Point R3	0.7785

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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