- AUD / USD reverses a slide below 0.7600 as the US dollar rally fades.
- The pair looks to extend the bounce above the 50 hourly SMA as the RSI turns bullish.
- An impending bearish crossover remains a concern ahead of the US CPI.
The AUD / USD pair has erased most of its early losses as the bulls look to extend the recovery towards the 0.7650 barrier.
In doing so, the pair faces immediate resistance at the 50 hourly horizontal moving average at 0.7618, where it is now stabilizing.
The RSI has broken through the midline from below, suggesting a shift in sentiment towards the bulls.
However, the AUD / USD recovery attempt could be threatened should the impending bearish crossover materialize on the 1 hour chart.
The 100 SMA is about to break out of the horizontal 200 SMA from above, which would confirm a bearish crossover.
Until the above formation is validated, the price could extend towards the 200 hourly SMA at 0.7332 if buying interest accelerates.
On the other hand, sellers could once again challenge the daily lows of 0.7595, below which the April 9 low of 0.7587 could be tested.
The April 1 low at 0.7531 could defend the further decline lower if the bulls throw in the towel.
AUD / USD 1 hour chart
AUD / USD additional levels
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