AUD/USD Price Analysis: Turns south following rejection above 0.7600
|- AUD/USD reverts to test the critical short-term support at 0.7586.
- Buyers remain hopeful amid a potential golden cross on the hourly sticks.
- RSI remains bullish, allowing room for more upside.
AUD/USD is paring back gains in the European session, having failed to find acceptance above 0.7600.
The aussie bulls are taking a breather after the four straight days of gains, looking to find some support at the critical short-term support at 0.7586, which the 21-Hourly Moving Average (HMA).
If the above support gives way, a test of the confluence of the 50 and 200-HMAs at 0.7581 will be on the cards.
Further south, the psychological 0.7550 level could offer lend some support to the buyers.
AUD/USD: Daily chart
However, with the Relative Strength Index (RSI) still holding above the midline, the retreat appears limited.
Also, the 50-HMA is about to cut the 200-HMA from below, which will confirm a golden cross on the said timeframe.
These indicators keep the aussie bulls hopeful in the near term.
Acceptance above 0.7600 will open doors towards the June 17 highs of 0.7646.
However, the bearish 21-Daily Moving Average (DMA) at 0.7618 could test the bullish commitments before that.
AUD/USD: Additional levels
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