- AUD/USD consolidates gains below 0.7750 in early European session.
- Pair seeks more downside if price breaks below 0.7710.
- Momentum oscillator remains on oversold trajectory and warns against aggressive bets.
The AUD/USD pair maintains a muted tone and trades in a range-bound manner in the European session. The pair tracks the previous day’s subdued price action, accumulating 30-pip moves at a time.
At the time of writing, the AUD/USD pair is trading at 0.7744, up 0.019% on the day.
AUD/USD daily chart
On the daily chart, the pair has been consolidating gains above the 0.7730 level. The price is placed just above the 50-day Simple Moving Average (SMA) at 0.7712. If price breaks below the mentioned level, then the first stop would be Thursday's low at 0.7687.
The Moving Average Convergence Divergence (MACD) indicator reads above the midline with bearish crossover. This suggests the price could correct further toward the 0.7650 horizontal support level followed by the April 14 lows at 0.7633.
Alternatively, if price makes a sustained move above the session’s high at 0.7747, then it could reach the previous day’s high at 0.7768 followed by the 0.7820 horizontal resistance level.
The next area of resistance would be the May 7 high at 0.7853 for bulls.
AUD/USD Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.