AUD/USD Price Analysis: Prepping up for a retest of 0.7400 amid bullish crossover

AUD/USD bulls brace for another leg higher.
Bullish crossover confirmed on the 1H chart.
Bullish hourly RSI and Aussie Q# GDP beat support.

Dhwani Mehta FXStreet

AUD/USD trades better in early Europe, consolidating the rally to two-day highs of 0.7391, reached in response to broad-based US dollar sell-off and upbeat Australian Q3 GDP.

Australia's economy expanded by 3.3% in Q3, rebounding from its first recession in nearly three decades induced by the pandemic-related shocks.

The price spotted a bullish crossover on the hourly sticks in the last hour, with the 21-hourly moving average (HMA) crossing above the 50-HMA. The bullish formation points to the additional upside in the major.

The hourly Relative Strength Index (RSI) points higher above the midline, currently at 54.01, backing the upbeat momentum. Therefore, a retest of the 0.7400 level is likely on the cards.

The next relevant upside target is seen at $0.7437, multi-month tops.

On the flipside, an immediate downside remains cushioned by the 50-HMA at 0.7365. Selling pressure could intensify below the latter, exposing the horizontal 200-HMA at 0.7348.

AUD/USD: Hourly chart

AUD/USD: Additional levels

AUD/USD

Overview
Today last price	0.7375
Today Daily Change	0.0007
Today Daily Change %	0.09
Today daily open	0.7369

Trends
Daily SMA20	0.7302
Daily SMA50	0.719
Daily SMA100	0.7195
Daily SMA200	0.6865

Levels
Previous Daily High	0.7374
Previous Daily Low	0.7338
Previous Weekly High	0.7399
Previous Weekly Low	0.7264
Previous Monthly High	0.7438
Previous Monthly Low	0.699
Daily Fibonacci 38.2%	0.736
Daily Fibonacci 61.8%	0.7352
Daily Pivot Point S1	0.7347
Daily Pivot Point S2	0.7325
Daily Pivot Point S3	0.7312
Daily Pivot Point R1	0.7383
Daily Pivot Point R2	0.7396
Daily Pivot Point R3	0.7418

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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