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31 May 2021

AUD/USD Price Analysis: Bulls struggle to hold 0.7720 near 50-day SMA

  • AUD/USD gathers momentum in the early European session.
  • Pair moves near the lower trend line of symmetrical triangle.
  • Neutral MACD asks for a wait-and-watch approach.

The AUD/USD pair started the fresh trading week on a higher note. The pair recovered a part of Friday’s loss, consisting of 30-pips movement.

At the time of writing, the AUD/USD pair trades at 0.7727, up 0.18% on the day.

AUD/USD daily chart

On the daily chart, the AUD/USD pair is accumulating gains inside the symmetrical triangle. The Pair is placed at the 50-day Simple Moving Average (SMA), which also coincides with the rising trendline from the lows of 0.7674.

The pair faces a strong price barrier near 0.7730, with multiple top formations. If price breaks 0.7720, then it would mark the triangle breakout on the downside. In doing so, AUD/USD is expected to travel back to Thursday’s low at 0.7676. 

The Moving Average Convergence Divergence (MACD) indicator reads above the midline, with bearish momentum. If MACD slips below the midline, then it would initiate another round of selling toward April 14 low at 0.7633 followed by the 0.7600 horizontal support level.

Alternatively, if price sustained above the session’s high, then AUD/USD bull’s could crawl back to the 0.7750 horizontal resistance level and would next aim at the May 26 high at 0.7797. 
The price action would have further potential to recoup the May 12 high at 0.7847. 

AUD/USD Additional Levels

 

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