AUD/USD Price Analysis: Retreats towards 0.7500 key support

AUD/USD remains on the back foot amid firmer US dollar.
50-SMA, 13-day-old ascending trend line challenges short-term declines.
Bearish MACD, rising resistance line from October 12 keep sellers hopeful.

Anil Panchal FXStreet

AUD/USD drops back towards 0.7500, down 0.03% intraday around 0.7515 during Monday’s Asian session. In doing so, the quote fades Friday’s bounce off a convergence of a two-week-long support line and 50-SMA amid bearish MACD signals.

Also keeping sellers hopeful of breaking the 0.7500 support confluence is the bear’s gradual tightening of the grips as portrayed by the pair’s late October moves compared to MACD and signal lines’ behavior.

Hence, the quote is likely to break the 0.7500 support and aim for October 27 swing low near 0.7450.

It should be noted, however, that a join of 100-SMA and a bit broader support line from late September, around 0.7440, will challenge the AUD/USD weakness afterward.

Alternatively, recovery moves may aim for 0.7540 before heading towards the short-term resistance line near 0.7460.

However, a sustained run-up past 0.7560 enables the AUD/USD bulls to challenge the late June’s swing high around 0.7620.

AUD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.7516
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.7517

Trends
Daily SMA20	0.7414
Daily SMA50	0.7348
Daily SMA100	0.7389
Daily SMA200	0.7558

Levels
Previous Daily High	0.7546
Previous Daily Low	0.75
Previous Weekly High	0.7557
Previous Weekly Low	0.7463
Previous Monthly High	0.7557
Previous Monthly Low	0.7191
Daily Fibonacci 38.2%	0.7518
Daily Fibonacci 61.8%	0.7528
Daily Pivot Point S1	0.7496
Daily Pivot Point S2	0.7475
Daily Pivot Point S3	0.745
Daily Pivot Point R1	0.7542
Daily Pivot Point R2	0.7567
Daily Pivot Point R3	0.7588

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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