- AUD / USD consolidates stellar rally below 0.7500
- Major resistance lines up around 0.7490 where the key averages coincide.
- The hourly RSI has turned flat below the overbought region.
The AUD/USD It is consolidating its solid recovery from seven-month lows below 0.7500, as the bulls take a breather before the next bullish momentum.
Looking at the hourly chart, the aussie’s recovery momentum waned after facing stiff resistance around the 0.7490 region on several occasions during the US session.
At that level, the 100 hourly moving average (HMA) coincides with the 200 HMA, forming a stiff barrier for the bulls.
The Relative Strength Index (RSI) has turned flat while just below overbought territory, supporting this recent price consolidation.
If buying interest renews, then the bulls would remove the aforementioned resistance, opening doors towards the July 7 high of 0.7536.
Hourly graph AUD / USD
However, if the 0.7490 supply zone does not rebound, sellers could call again, triggering a new streak down towards the 50 HMA at 0.7450.
Further south, the upward sloping HMA of 21 at 0.7441 could come into play.
Additional AUD / USD levels
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