AUD/USD Price Analysis: Battles key resistance on the road to recovery

AUD/USD consolidates the stellar recovery below 0.7500
The aussie resistance aligns around 0.7490 where key averages coincide.
Hourly RSI has turned flat below the overbought region.

Dhwani Mehta FXStreet

AUD/USD is consolidating its robust recovery from seven-month lows below 0.7500, as the bulls take a breather before the next push higher.

Looking at the hourly chart, the aussie’s recovery momentum dwindled after facing stiff resistance around the 0.7490 region on several occasions in the American session.

At that level, the 100-Hourly Moving Average (HMA) coincides with the 200-HMA, forming a tough barrier for the bulls.

The Relative Strength Index (RSI) has turned flattish while sitting just below the overbought territory, backing this recent consolidation in prices.

If the buying interest renews, then the bulls would take out the abovementioned resistance, opening doors towards the July 7 high of 0.7536.

AUD/USD hourly chart

However, a failure to recapture the 0.7490 supply zone could recall the sellers, triggering a fresh downswing towards the 50-HMA at 0.7450.

Further south, the upward-sloping 21-HMA at 0.7441 could come into play.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7480
Today Daily Change	0.0051
Today Daily Change %	0.69
Today daily open	0.743

Trends
Daily SMA20	0.7555
Daily SMA50	0.7673
Daily SMA100	0.7698
Daily SMA200	0.7578

Levels
Previous Daily High	0.7496
Previous Daily Low	0.7416
Previous Weekly High	0.7603
Previous Weekly Low	0.7445
Previous Monthly High	0.7794
Previous Monthly Low	0.7477
Daily Fibonacci 38.2%	0.7446
Daily Fibonacci 61.8%	0.7465
Daily Pivot Point S1	0.7398
Daily Pivot Point S2	0.7366
Daily Pivot Point S3	0.7317
Daily Pivot Point R1	0.7479
Daily Pivot Point R2	0.7528
Daily Pivot Point R3	0.756

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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