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AUDUSD Tries to Overthrow Bearish Pressures

AUDUSD is successfully recapturing some of the pair’s recently lost ground but this progress may be short-lived should the price fail to navigate through the resistance zone of 0.7739-0.7762. The fairly horizontal 100- and 200-period simple moving averages (SMAs) are suggesting an absence of strong directional sentiment, endorsing a neutral market mood, while the falling 50-period SMA is struggling to dampen improvements in the price.

The short-term oscillators are indicating that positive drive is strengthening. The MACD, in the negative region, is looking set to push above is red trigger line and the zero mark, while the RSI is extending into the bullish territory. The positively charged stochastic oscillator is promoting more price gains in the pair.

Currently the pair’s latest bounce off the 0.7706 border is steering through the resistance zone from the 200-period SMA at 0.7739 until the 100-period SMA at 0.7762. Should buyers lift the price above the 100-period SMA at 0.7762, early upside limitations could emanate from the upper Bollinger band at 0.7781. If buying interest persists, the boundary of 0.7813-0.7822 may then challenge further price developments from reaching the 0.7847 and 0.7856 levels.

Alternatively, if gains start to cool and the 50- and 100-period SMAs manage to keep buyers at bay, an initial pedestal could come in at the 200-period SMA before the pair sinks to the lower Bollinger band, adjacent to the support base of 0.7674-0.7706. Diving beneath this key foundation may encourage sellers to test the 0.7660 and 0.7634 barriers respectively ahead of the lows in the 0.7584-0.7595 region.

Concluding, it seems AUDUSD may endure a neutral bias for a while longer. A decisive break below the 0.7674-07706 foundation or above the 0.7813-0.7822 ceiling could indicate the next price direction.

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