AUD/USD Price Analysis: Trades in the red, but eyes fourth straight monthly gain

AUD/USD trades in the red amid overbought signals on the daily chart.
The pair still appears set to end the month on a positive note.

Omkar Godbole FXStreet Contributor

AUD/USD is currently trading largely at 0.7173, representing a 0.17% decline on the day, having hit a multi-month high of 0.7197 on Wednesday.

Despite the pullback, the pair is still up 4% on a month-to-date basis. The Aussie dollar looks set to end higher for the fourth straight month, having rallied by 6%, 2.4% and 3.57% in April, May, and June, respectively.

The four-month winning streak is the longest since 2009 and has opened the doors for the test of a 50-month simple moving average hurdle, currently at 0.7279.

Supporting the bullish case is the 14-month relative strength index, which has crossed above 50.00 and is hovering at the highest level since early 2018.

However, a convincing break above the 50-month SMA may remain elusive for some time, as the 14-day RSI is now reporting overbought conditions with an above-70 print. As such, a pullback to the ascending 10-day SMA, currently at 0.7114, cannot be ruled out.

Monthly chart

Trend: Bullish

Technical levels

AUD/USD

Overview
Today last price	0.7181
Today Daily Change	-0.0006
Today Daily Change %	-0.08
Today daily open	0.7187

Trends
Daily SMA20	0.7028
Daily SMA50	0.691
Daily SMA100	0.6592
Daily SMA200	0.6695

Levels
Previous Daily High	0.7197
Previous Daily Low	0.7148
Previous Weekly High	0.7184
Previous Weekly Low	0.6972
Previous Monthly High	0.7065
Previous Monthly Low	0.6648
Daily Fibonacci 38.2%	0.7178
Daily Fibonacci 61.8%	0.7167
Daily Pivot Point S1	0.7158
Daily Pivot Point S2	0.7129
Daily Pivot Point S3	0.7109
Daily Pivot Point R1	0.7207
Daily Pivot Point R2	0.7226
Daily Pivot Point R3	0.7256

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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