- July 7, 2021
- Posted by: Analysis Team
- Category: Forex News
- AUD/USD consolidates losses below 100-HMA, weekly horizontal resistance area.
- MACD conditions back continuation of recovery moves, 200-HMA adds to upside filters.
AUD/USD picks up bids to refresh intraday high with 0.7505 level, up 0.08% on a day, as European traders prepare for Wednesday’s bell.
In doing so, the Aussie pair licks its wounds after the heaviest drop in one week as bulls attack 100-HMA and one-week-old horizontal resistance zone.
As the MACD line teases across over the signal indicator, inside the bearish region, AUD/USD recovery moves may gain momentum if confirmed.
Hence, a clear upside break of 0.7510 immediate hurdle will enable the bulls to aim for a 200-HMA level of 0.7530. However, any further upside won’t hesitate to refresh the monthly high around the 0.7600 threshold.
Meanwhile, pullback moves may pause around 0.7480-75 region before directing AUD/USD sellers to the latest trough, also the yearly low, surrounding 0.7445.
In a case where the quote fails to rebound from 0.7445, September 2020 peak near 0.7415 may offer another chance for the bulls to enter failing to which could recall the 0.7400 round figure on the chart.
AUD/USD HOURLY CHART