AUD/USD Price Analysis: Bulls face challenge near 0.7670 threshold
- AUD/USD continues to push higher in the Asian trading hours.
- Descending trend line from April 7 high challenges bulls.
- Positive MACD tilts in favor of upside momentum.
AUD/USD extends overnight gains in the Asian trading session. The pair opened on a higher note and refreshed daily high near the 0.7665 region.
At the time of writing, AUD/USD is trading at 0.7661, up 0.29% on the day.
AUD/USD four-hourly chart
On the four-hourly chart, the AUD/USD pair has been trading with a positive undertone. However, the aussie faces challenges near the end of the extended downside slope line from the highs of April 7 near 0.7670. The price is comfortably placed above the 50-hour simple moving average (SMA) with the bullish candlestick.
On moving higher, the first hurdle for prices is located near the 0.7700 horizontal resistance area, where the next spot would be highs of March 22 in the vicinity of 0.7760.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator trades with steady upside momentum, which signifies that bulls have the capability to march toward the 0.7780 horizontal resistance area.
On the flip side, the prices could retrace towards the 50-hour SMA, which is placed at 0.7630. Further moving down, bears could retest the multi-days lows near 0.7000 that coincides with the horizontal support zone. A sustained move below the mentioned level would bring lows of March 25 in action near 0.7560.