AUD/USD Price Analysis: Under pressure, but risks remain skewed to the upside

AUD/USD's daily chart maintains bullish bias despite the minor pullback.
The MACD histogram shows the strongest bullish bias in five months.

Omkar Godbole FXStreet Contributor

While the AUD/USD pair is currently trading in the red, the losses could be short-lived, as a widely-tracked technical indicator shows strongest bullish bias since June.

The pair is trading at 0.7264 at press time, representing a 0.25% drop on the day.

The daily chart MACD histogram, an indicator used to identify trend changes and trend strength, is producing higher bars above the zero line, a sign of the strengthening of the bullish momentum. More importantly, the latest bar is the biggest since June, meaning the bullish bias is strongest in five months.

Further, the 14-day relative strength index is reporting a bullish bias with an above-50 print.

Lastly, the descending triangle breakout confirmed earlier this week is still valid.

As such, the odds appear stacked in favor of a test of resistance at 0.7342 (Sept. 15 high).

Daily chart

Trend: Bullish

Technical levels

AUD/USD

Overview
Today last price	0.7264
Today Daily Change	-0.0017
Today Daily Change %	-0.23
Today daily open	0.7281

Trends
Daily SMA20	0.7122
Daily SMA50	0.7182
Daily SMA100	0.7125
Daily SMA200	0.6808

Levels
Previous Daily High	0.729
Previous Daily Low	0.7144
Previous Weekly High	0.7182
Previous Weekly Low	0.7002
Previous Monthly High	0.7244
Previous Monthly Low	0.7002
Daily Fibonacci 38.2%	0.7234
Daily Fibonacci 61.8%	0.72
Daily Pivot Point S1	0.7187
Daily Pivot Point S2	0.7093
Daily Pivot Point S3	0.7042
Daily Pivot Point R1	0.7333
Daily Pivot Point R2	0.7384
Daily Pivot Point R3	0.7478

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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