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.

Dhwani Mehta FXStreet

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

AUD/USD

Overview
Today last price	0.7590
Today Daily Change	0.0006
Today Daily Change %	0.08
Today daily open	0.7584

Trends
Daily SMA20	0.7666
Daily SMA50	0.7722
Daily SMA100	0.7721
Daily SMA200	0.756

Levels
Previous Daily High	0.7593
Previous Daily Low	0.7564
Previous Weekly High	0.7727
Previous Weekly Low	0.7477
Previous Monthly High	0.7892
Previous Monthly Low	0.7674
Daily Fibonacci 38.2%	0.7582
Daily Fibonacci 61.8%	0.7575
Daily Pivot Point S1	0.7568
Daily Pivot Point S2	0.7552
Daily Pivot Point S3	0.7539
Daily Pivot Point R1	0.7596
Daily Pivot Point R2	0.7609
Daily Pivot Point R3	0.7625

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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