AUD/USD Price Analysis: Picks up bids inside familiar territory below 0.7800

  • AUD/USD stays mildly bid inside a short-term triangle formation.
  • Bullish MACD, sustained trading above 50-day SMA keeps buyers hopeful.
  • Daily closing beyond 0.7815 becomes necessary to convince buyers.

AUD/USD keeps late Thursday’s recovery moves from 0.7750 while picking up bids around 0.7775, up 0.10% intraday, during early Friday.

Although the quote defies the previous day’s pullback from the six-week top, a triangle formation established since early March restricts the short-term moves between 0.7745 and 0.7815.

However, the pair’s successful trading beyond 50-day SMA and bullish MACD favor the buyers targeting March month’s peak surrounding 0.7850.

Meanwhile, a downside break of 50-day SMA, around 0.7720 by the press time, should immediately break the 0.7700 threshold but the monthly horizontal support close to 0.7690 may test the AUD/USD bears afterward.

Overall, AUD/USD bears look for the fresh push towards the north, which in turn highlights the latest risk catalysts for a fresh direction.

AUD/USD daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price 0.7776
Today Daily Change 9 pips
Today Daily Change % 0.12%
Today daily open 0.7767

 

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