AUD/USD Price Analysis: Wavers around intraday high near 0.7600 amid risk-on mood

AUD/USD battles 0.7600, keeps recovery move from 0.7557 to print mild gains.
Strong RSI conditions, not overbought, keeps buyers hopeful around 10-day SMA.
Short-term horizontal resistance guards immediate upside, eight-week-old trend line offers nearby key support.

Anil Panchal FXStreet

AUD/USD seesaws near 0.7590/95, after recently refreshing the intraday high to 0.7598, during early Tuesday. In doing so, the aussie pair rises 0.18% while taking rounds to 10-day SMA.

Considering the upbeat RSI conditions, coupled with the quote’s sustained trading beyond an upward sloping trend line from November 02, AUD/USD buyers remain hopeful.

Overall, bulls are likely to keep the reins, also backed by the risk-on mood amid the passage of the US coronavirus (COVID-19) aid package. However, holiday-thinned trading can keep the AUD/USD prices in check.

Read: USD/JPY trims early-Asian losses to eyes 104.00 as US stimulus headlines favor risks

That said, a clear break of 0.7640/41 horizontal resistance becomes necessary for the bulls before challenging June 2018 top near 0.7675.

On the contrary, a downside break of the stated support line, at 0.7541 now, needs to break 21-day SMA and a three-week-long rising trend line, respectively around 0.7520 and 0.7510, before recalling the AUD/USD sellers.

It should also be noted that the 0.7500 round-figure adds to the downside filters before challenging the monthly low of 0.7338.

AUD/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.7593
Today Daily Change	14 pips
Today Daily Change %	0.18%
Today daily open	0.7579

Trends
Daily SMA20	0.7518
Daily SMA50	0.734
Daily SMA100	0.7271
Daily SMA200	0.698

Levels
Previous Daily High	0.7641
Previous Daily Low	0.7557
Previous Weekly High	0.7619
Previous Weekly Low	0.7461
Previous Monthly High	0.7438
Previous Monthly Low	0.699
Daily Fibonacci 38.2%	0.7589
Daily Fibonacci 61.8%	0.7609
Daily Pivot Point S1	0.7544
Daily Pivot Point S2	0.7508
Daily Pivot Point S3	0.746
Daily Pivot Point R1	0.7627
Daily Pivot Point R2	0.7676
Daily Pivot Point R3	0.7711

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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