AUDUSD Stable Past 0.7500, With the Absence of Momentum

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AUDUSD Price Analysis – July 7

Despite a lack of strong follow-through, the AUDUSD pair maintained its bid tone and held solidly above the 0.7500 psychological thresholds during the first half of the European session. Indications that the Fed may maintain its ultra-loose monetary stance for a prolonged period continued to operate as a barrier for the dollar, as AUDUSD gained some support.

Key Levels
Resistance Levels: 0.7645, 0.7600, 0.7531
Support Levels: 0.7450, 0.7414, 0.7372
AUDUSD Long term Trend: Ranging
A sustained break above the 0.7500 levels, as seen on the daily charts, is required to confirm the bullish trend in the AUDUSD. The moving average of 13 also stifles growth. Meanwhile, a break below the 5 moving averages at 0.7500 could temper bullish enthusiasm, for the time being, leading AUDUSD sellers to a weekly low of around 0.7444.

In a broader sense, continuous trading above horizontal resistance at 0.7531 indicates a positive bias in the medium term. To signify the continuation of a long-term rally from 0.7000, the AUDUSD must break out of the 0.8000 yearly highs set on February 25. A break towards the 0.7700 marks, on the other hand, will keep the long-term trend going.
AUDUSD Short term Trend: Ranging
The general AUDUSD gain continues, with the 4-hour chart showing a temporary high of 0.7598. Intraday bias has returned past the critical 0.7500 levels today. A sustained breakout could result in a strong bullish outcome. On Wednesday, despite a weakening US dollar, the AUD/USD pair managed to gain some ground.

In the event of a retracement, a breach of the 0.7476 support band would signal a short-term high; however, the pattern might continue the consolidation. The uptrend line, which is now near the 0.7450 marks, could provide technical support to the bulls in the AUDUSD in case of a decline. Any movement beneath the surface, on the other hand, could enrage the bears.

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