AUD/USD Price Analysis: Recaptures 50-HMA after bouncing off critical support

AUD/USD finds support once again just above 0.7700.
The aussie hovers in a horizontal channel on the 1H chart.
RSI points north, looks to test 0.7760 channel resistance.

Dhwani Mehta FXStreet

AUD/USD is staging a robust recovery from just above the 0.7700 level, as the US dollar resumes decline after a brief Asian bounce.

The further upside appears likely as the renewed weakness in the US Treasury yields is likely to aggravate the pain in the greenback.

From a near-term technical perspective, AUD/USD is wavering in a horizontal channel on the hourly chart since Thursday. The upside is capped near 0.7760 while the bulls continue to find support around 0.7705.

With the Relative Strength Index (RSI) pointing upwards, near 57.00, the AUD bulls could likely challenge the abovementioned channel resistance.

Acceptance above the latter could set the stage towards the 0.7800 mark.

AUD/USD hourly chart

At the time of writing, the spot has recaptured the critical upward-sloping 50-hourly moving average (HMA) resistance now support at 0.7740.

If the sellers regain control below that level, the aussie could drop back to retest the 0.7705 support area.

A firm break below the latter could yield a channel breakdown, exposing the 200-HMA support at 0.7665.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7740
Today Daily Change	0.0010
Today Daily Change %	0.13
Today daily open	0.773

Trends
Daily SMA20	0.7645
Daily SMA50	0.7722
Daily SMA100	0.7671
Daily SMA200	0.7429

Levels
Previous Daily High	0.776
Previous Daily Low	0.7724
Previous Weekly High	0.7762
Previous Weekly Low	0.7585
Previous Monthly High	0.785
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7737
Daily Fibonacci 61.8%	0.7746
Daily Pivot Point S1	0.7716
Daily Pivot Point S2	0.7702
Daily Pivot Point S3	0.768
Daily Pivot Point R1	0.7753
Daily Pivot Point R2	0.7775
Daily Pivot Point R3	0.7789

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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