- AUD / USD remains under pressure at the start of the European session on Friday.
- The pair is heading towards weekly losses after touching 0.7780.
- If the price falls decisively below 0.7750, there will be more declines on the table.
The AUD / USD pair remains under pressure at the start of the European session on Friday and remains on track for weekly losses. At the time of writing, the AUD / USD pair is trading at 0.7751, shedding 0.32% on the day.
On the 4-hour chart, the pair has been building below the downtrend line from the 0.7892 high. The downtrend line acts as a barrier to the bulls, with the price losing momentum to the upside each time it approaches the trend line in recent days.
If the price decisively breaks below 0.7750, then the first support would be at Wednesday’s closing price of 0.7720.
The MACD indicator is below the midline with a neutral stance. If the downtrend continues, then it would re-enact the May 4 low at 0.7674.
On the other hand, if the price makes a sustained move above the 0.7760 level, then it could target the previous day’s high of 0.7782. As this level also coincides with the downward slope line, if it were to break decisively to the upside, it would cancel out the prevailing downtrend.
The next area of ​​resistance for market participants comes back to Tuesday’s high of 0.7814, followed by the horizontal resistance level of 0.7840.
AUD / USD 4-hour chart
AUD / USD additional levels
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
