AUD/USD Price Analysis: Tests previous hurdle as bears attack 0.7800

AUD/USD refreshes weekly low, fails to keep previous day’s gains.
Downbeat Momentum line suggests further weakness in prices.
Six-week-old support line, 200-SMA will be a tough nut to crack for bears.

Anil Panchal FXStreet

AUD/USD takes offers around 0.7820, down 0.25% intraday, during early Wednesday. In doing so, the Aussie pair retests the key hurdle, broke on Friday, amid descending Momentum line.

Given the cautious sentiment ahead of the key US inflation figures, sellers may conquer the 0.7820 resistance-turned-support in search of the 0.7800 threshold.

However, the AUD/USD pair’s weakness past-0.7800 may only have 0.7760 to cheer as a confluence of 200-SMA and an ascending support line from April 01 will challenge the bears around 0.7710 afterward.

Alternatively, 0.7860 and the latest high around 0.7900 guard the quote’s recovery moves.

Though, AUD/USD bulls are less likely to get serious until witnessing a clear break above 0.7930, which in turn will enable them to battle the yearly top near 0.8010.

AUD/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7823
Today Daily Change	-17 pips
Today Daily Change %	-0.22%
Today daily open	0.784

Trends
Daily SMA20	0.7762
Daily SMA50	0.7711
Daily SMA100	0.7718
Daily SMA200	0.7487

Levels
Previous Daily High	0.7857
Previous Daily Low	0.782
Previous Weekly High	0.7863
Previous Weekly Low	0.7674
Previous Monthly High	0.7819
Previous Monthly Low	0.7531
Daily Fibonacci 38.2%	0.7843
Daily Fibonacci 61.8%	0.7834
Daily Pivot Point S1	0.7821
Daily Pivot Point S2	0.7802
Daily Pivot Point S3	0.7784
Daily Pivot Point R1	0.7859
Daily Pivot Point R2	0.7876
Daily Pivot Point R3	0.7896

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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