AUD/USD Price Analysis: Bulls battle to pass 0.7550 mark

AUD/USD continues to face resistance near the 0.7550 mark.
More upside movement envisioned if price decisively breaks 0.7550.
Oversold MACD implies a wait-and-watch approach before placing aggressive bids.

Rekha Chauhan Independent Analyst

AUD/USD prints gain for the second straight day on Tuesday in the early Asian trading hours. The pair extends the previous day’s upside momentum while facing a stiff resistance near 0.7550.

At the time of writing, AUD/USD is trading at 0.7542, up 0.16% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under selling pressure in the previous week from the high of 0.7603 and touched the lows in the vicinity of the 0.7460 area on Thursday. AUD/USD rose sharply on the last trading day in the earlier week and recovered part of its losses.

That said, if price breaks and sustains above the intraday session, then it could move toward the 200-day Simple Moving Average (SMA) at 0.7575, followed by the 0.7600 horizontal resistance level.

The oversold Moving Average Convergence Divergence (MACD) indicator with stretched selling opportunities, makes bulls hopeful for further upside movement.

A close above the 0.7600 key psychological mark would push price higher toward the 0.7650 horizontal resistance level.

Alternatively, any downtick in the MACD could drag the pair toward the 0.7500 horizontal support level. AUD/USD bears would attempt to reach the low of July 1 at 0.7459.

The next area of support emerges at the level last seen on December 12, 2020, at 0.7425.

AUD/USD additional levels

AUD/USD

Overview
Today last price	0.7542
Today Daily Change	0.0013
Today Daily Change %	0.17
Today daily open	0.7529

Trends
Daily SMA20	0.7595
Daily SMA50	0.7692
Daily SMA100	0.7707
Daily SMA200	0.7574

Levels
Previous Daily High	0.7538
Previous Daily Low	0.7508
Previous Weekly High	0.7603
Previous Weekly Low	0.7445
Previous Monthly High	0.7794
Previous Monthly Low	0.7477
Daily Fibonacci 38.2%	0.7527
Daily Fibonacci 61.8%	0.7519
Daily Pivot Point S1	0.7512
Daily Pivot Point S2	0.7495
Daily Pivot Point S3	0.7482
Daily Pivot Point R1	0.7542
Daily Pivot Point R2	0.7555
Daily Pivot Point R3	0.7572

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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