AUD/USD closed above the 0.7400 mark and is currently trading at 0.7420 ahead of the European session. The intraday support levels are at 0.7392 and 0.7371. The near-term resistance areas are at 0.7427 and 0.7463.
Following yesterday’s analysis, the uptick is likely to continue until the SMA-14 resistance area (0.7465). The SMA-50 is indicating support at 0.7379. The mid-Band is at 0.7455 while the upper and lower bands are at 0.7549 and 0.7361 respectively. The RSI is at 50 while the MACD is above the middle line and indicates a bullish trajectory. Currently, the 4-hourly price pattern suggests a modest rise and with the ongoing downtick in the USD, it further favors buying entries at or near 0.7410 with a target of 0.7460 and a stop-loss at 0.7375.
