- AUD/USD continues to face resistance near the 0.7550 mark.
- More upside movement envisioned if price decisively breaks 0.7550.
- Oversold MACD implies a wait-and-watch approach before placing aggressive bids.
AUD/USD prints gain for the second straight day on Tuesday in the early Asian trading hours. The pair extends the previous day’s upside momentum while facing a stiff resistance near 0.7550.
At the time of writing, AUD/USD is trading at 0.7542, up 0.16% for the day.
AUD/USD daily chart
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On the daily chart, the pair has been under selling pressure in the previous week from the high of 0.7603 and touched the lows in the vicinity of the 0.7460 area on Thursday. AUD/USD rose sharply on the last trading day in the earlier week and recovered part of its losses.
That said, if price breaks and sustains above the intraday session, then it could move toward the 200-day Simple Moving Average (SMA) at 0.7575, followed by the 0.7600 horizontal resistance level.
The oversold Moving Average Convergence Divergence (MACD) indicator with stretched selling opportunities, makes bulls hopeful for further upside movement.
A close above the 0.7600 key psychological mark would push price higher toward the 0.7650 horizontal resistance level.
Alternatively, any downtick in the MACD could drag the pair toward the 0.7500 horizontal support level. AUD/USD bears would attempt to reach the low of July 1 at 0.7459.
The next area of support emerges at the level last seen on December 12, 2020, at 0.7425.