AUD/USD Price Analysis: Remains vulnerable below 100-hour SMA, around 0.7600 mark

AUD/USD struggled to extend intraday gains to one-week tops amid sustained USD buying.
Weakness back below the 0.7600 mark will now be seen as a fresh trigger for bearish traders.

Haresh Menghani FXStreet

The AUD/USD pair extended its intraday retracement slide from one-week tops and refreshed daily lows, around the 0.7600 mark heading into the American session.

A sustained break below the 100-hour SMA was seen as a key trigger for bearish traders amid a strong follow-through in US dollar buying interest. Against the backdrop of the upbeat US economic outlook, a sharp intraday spike in the US Treasury bond yields provided an additional boost to the greenback.

Meanwhile, technical indicators on the daily chart have started drifting into the negative zone and support prospects for an extension of the recent depreciating move. That said, the AUD/USD pair, so far, has been showing some resilience below the 100-day SMA, warranting caution for bearish traders.

Hence, it will be prudent to wait for additional selling below the 0.7600 mark before placing fresh bearish bets. The AUD/USD pair might turn vulnerable to further weakening below monthly swing lows, around the 0.7560-65 region, and accelerate the slide to test the key 0.7500 psychological mark.

On the flip side, the overnight closing level, around the 0.7630 region now seems to act as immediate strong resistance. Any subsequent move might be seen as an opportunity to initiate fresh bearish positions and once again fizzle out near the daily swing highs, around the 0.7660-65 region.

That said, some follow-through buying will negate the negative outlook and prompt a short-covering move. The AUD/USD pair might then attempt to reclaim the 0.7700 round-figure mark.

AUD/USD 1-hour chart

Technical levels to watch

AUD/USD

Overview
Today last price	0.7608
Today Daily Change	-0.0026
Today Daily Change %	-0.34
Today daily open	0.7634

Trends
Daily SMA20	0.7714
Daily SMA50	0.773
Daily SMA100	0.7624
Daily SMA200	0.7378

Levels
Previous Daily High	0.7694
Previous Daily Low	0.7614
Previous Weekly High	0.7758
Previous Weekly Low	0.7562
Previous Monthly High	0.8008
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7644
Daily Fibonacci 61.8%	0.7663
Daily Pivot Point S1	0.7601
Daily Pivot Point S2	0.7568
Daily Pivot Point S3	0.7522
Daily Pivot Point R1	0.7681
Daily Pivot Point R2	0.7727
Daily Pivot Point R3	0.776

Author

Haresh Menghani

FXStreet

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

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.