AUD/USD Price Analysis: Bulls battle to pass 0.7400 mark

AUD/USD consolidates gains within the Asian session on Thursday.
Bulls face consistent resistance near 0.7380 level.
Oversold MACD implies a wait-and-watch approach before placing aggressive bids.
AUD/USD prints mild gain for the second straight day on Thursday within the Asian trading hours. The pair hovers during a very narrow range with a bullish bias.

At the time of writing, AUD/USD is trading at 0.7376, up 0.02% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under selling pressure from the high of 0.7794 made on June 7 and touched the lows of 0.7288 on July 21.

The descending trendline from the above high acts as a robust resistance for the pair. The trendline coincides with the break of the 20-day Simple Moving Average (SMA) at 0.7740.

That said, if price breaks and sustains above the intraday session, then it could move toward the 0.7400 key psychological mark

A daily close above the 0.7400 level would further push AUD/USD higher to the high of July 16 at 0.7444.

The oversold Moving Average Convergence Divergence (MACD) indicator with stretched selling opportunities, makes bulls looking forward to further upside movement.

In doing so, the bulls would plan to retest the 0.7480 horizontal resistance level.

Alternatively, any downtick within the MACD could drag the pair toward the 0.7350 horizontal price . AUD/USD bears would aim to succeed in the low of July 21 at 0.7288.

The next area of support emerges at the extent last seen on November 23, 2020, at 0.7264.

AUD/USD additional levels
AUD/USD
OVERVIEW
Today last price 0.7378
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 0.7377

TRENDS
Daily SMA20 0.7428
Daily SMA50 0.7571
Daily SMA100 0.7643
Daily SMA200 0.7597

LEVELS
Previous Daily High 0.7386
Previous Daily Low 0.7317
Previous Weekly High 0.7417
Previous Weekly Low 0.7288
Previous Monthly High 0.7794
Previous Monthly Low 0.7477
Daily Fibonacci 38.2% 0.736
Daily Fibonacci 61.8% 0.7343
Daily Pivot Point S1 0.7334
Daily Pivot Point S2 0.7291
Daily Pivot Point S3 0.7265
Daily Pivot Point R1 0.7403
Daily Pivot Point R2 0.7429
Daily Pivot Point R3 0.7472

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