AUD/USD Price Analysis: Recovery fades below 50-SMA but bulls aren’t rejected

AUD/USD remains sidelined after a three-day uptrend, failures to cross immediate hurdle.
Weekly support line tests sellers, falling trend line from early April adds to the upside filters.

Anil Panchal FXStreet

AUD/USD probes three-day uptrend below 0.7600, around 0.7575 amid Thursday’s Asian session. In doing so, the Aussie pair justifies the pullback from 50-SMA.

However, strong Momentum and sustained trading beyond the weekly rising support line keeps the buyers hopeful.

Hence, AUD/USD traders should wait for a clear break of the area between the stated SMA and support line, respectively around 0.7600 and 0.7535.

While the downside break of 0.7535 won’t hesitate in challenging the yearly bottom surrounding 0.7475, an upside clearance of 50-SMA level will aim for a seven-week-old resistance line near 0.7630.

It’s worth noting that a falling trend line from June 11 and Monday’s swing high, near 0.7620 and 0.7545 in that order, add filters to the AUD/USD pair’s short-term moves.

To sum up, AUD/USD recovery needs justification but bulls aren’t out of the woods.

AUD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7575
Today Daily Change	0.0001
Today Daily Change %	0.01%
Today daily open	0.7574

Trends
Daily SMA20	0.7674
Daily SMA50	0.7725
Daily SMA100	0.7721
Daily SMA200	0.7558

Levels
Previous Daily High	0.76
Previous Daily Low	0.7537
Previous Weekly High	0.7727
Previous Weekly Low	0.7477
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7576
Daily Fibonacci 61.8%	0.7561
Daily Pivot Point S1	0.754
Daily Pivot Point S2	0.7507
Daily Pivot Point S3	0.7477
Daily Pivot Point R1	0.7603
Daily Pivot Point R2	0.7633
Daily Pivot Point R3	0.7666

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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