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Can AUD/USD Bulls Break the 0.7760 Resistance Level?

June 10, 2021

  • Bulls target resistance near 0.7745.
  • MACD oscillator sits neutral as traders watch on.

During the early session on Thursday, the AUD/USD pair had recovered some of its losses from the previous day. The pair has rebounded from the daily low of 0.7221 to trade close to the session’s high. The pair is currently trading  at around 0.7740, up 0.1% for the day.

 

AUD/USD Daily Chart

The daily chart shows that the AUD/USD pair has been consolidating within a range between 0.7720 and 0.7760 since earlier this week. A downward trend line from a high of 0.7892 may act as a wall resistance for bullish traders.

The 50-day Simple Moving Average (SMA) at 0.7723 is placed just below the current trading price. If the pair is able to break above the resistance level previously mentioned, it would likely trigger more bearish movement. The first significant area of support is the 0.7700 horizontal level.

The Moving Average Convergence Divergence (MACD) indicator is sat in a neutral zone at the midline giving no strong indication of future movement. Any downturn on the MACD could signal further selling for the pair. Any downward movement for the AUD/USD pair would alert bears of a potential slide towards June 4th’s low of 0.7650. Such a turn could also drive the price down further to levels seen in early April at the 0.7600 horizontal support level.

In contrast, if the price could cross the session high of 0.7738, likely triggering further upward movement towards the Wednesday’s high of 0.7763. If this level is met, AUD bulls will likely set their sights on reaching June 7th’s high at 0.7794, which matches the bearish sloping line mentioned previously. The next key level of resistance is the high from April 26th at the 0.7820 area.

 

 

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