Bulls face stiff resistance near 0.7550

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  • AUD / USD is moving higher during the European session on Friday.
  • The pair is moving higher from the 0.7191 lows in October.
  • A break below 0.7450 could expose more downside risk for AUD / USD.

The AUD / USD pair manages to halt the decline of the previous day on Friday. The pair fell more than 85 pips on Thursday from the high of 0.7547. At the time of writing, the AUD / USD is trading at 0.7498, up 0.42% on the day.

AUD / USD daily chart

On the daily chart, the AUD / USD pair has faced a strong resistance barrier near 0.7550 where the current rally is facing downward pressure. The pair has posted strong gains since the beginning of October from the lows of 0.7191.

If the price breaks below the intraday low, then the first downside target appears at the horizontal support level of 0.7410, followed by the October 13 low of 0.7322.

The MACD indicator enters the overbought zone. Any downside movement in the MACD would open the doors for the horizontal support level of 0.7300.

On the other hand, if the price breaks above the intraday high, it could return to the previous day’s high of 0.7547. Furthermore, a daily close above the 100-day SMA at 0.7588 would open the door for an extension to the 0.7600 round level. Higher up, the bulls’ radar will be the horizontal resistance level of 0.7650.

AUD / USD additional levels

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