AUD/USD Price Analysis: Sellers continue to lurk around 0.7400 amid covid concerns

Dhwani Mehta FXStreet

USD Price Analysis: Sellers continue to lurk around 0.7400 amid covid concerns

AUD/USD turns south after facing rejection at the 200-HMA.
Bulls now defend the 21-HMA, as RSI holds above 50.00
Escalating covid concerns cap the upside in the aussie.

AUD/USD is holding onto minor gains, having quickly retraced from four-day highs of 0.7402 reached in early Asia.

Sellers continue to lurk around 0.7400, capping the two-day recovery rally from eight-month lows of 0.7288, as Australia sees no reprieve from the escalating coronavirus concerns, as the optimism over falling cases in Victoria is offset by the news of the extended lockdown in New South Wales well past the July-end timeline.

Looking at the aussie on the hourly technical graph, the bulls failed to chew the offers at the 200-Hourly Moving Average (HMA) at 0.7402 earlier on, knocking off the rates towards the 21-HMA support at 0.7379, where it now wavers.

An hourly close below the latter could trigger a sharp drop towards the upward-sloping 50-HMA at 0.7355.

Further south, the July 22 low of 0.7341 will offer some support to the bullish traders.

AUD/USD: Hourly chart

The Relative Strength Index (RSI) has edged lower but remains well above the midline, suggesting that the upside still remains on the cards.

Acceptance above the 200-HMA is needed to extend the recovery momentum towards the 0.7450 – psychological level.

AUD/USD: Additional levels

AUD/USD

Overview
Today last price	0.7381
Today Daily Change	0.0003
Today Daily Change %	0.04
Today daily open	0.7379

Trends
Daily SMA20	0.7462
Daily SMA50	0.7602
Daily SMA100	0.7656
Daily SMA200	0.7591

Levels
Previous Daily High	0.7398
Previous Daily Low	0.7342
Previous Weekly High	0.7504
Previous Weekly Low	0.7391
Previous Monthly High	0.7794
Previous Monthly Low	0.7477
Daily Fibonacci 38.2%	0.7376
Daily Fibonacci 61.8%	0.7363
Daily Pivot Point S1	0.7348
Daily Pivot Point S2	0.7316
Daily Pivot Point S3	0.7291
Daily Pivot Point R1	0.7404
Daily Pivot Point R2	0.7429
Daily Pivot Point R3	0.7461

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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