The AUD/USD currency pair maintains its impressive comeback below 0.7500.
The resistance level for the Australian dollar is at 0.7490, which is where significant averages intersect.
The hourly RSI has leveled down below the overbought zone.
As the bulls take a pause before the next push higher, the AUD/USD is holding its strong rebound from seven-month lows around 0.7500.
The aussie’s recovery momentum slowed on the hourly chart after encountering solid resistance near 0.7490 on many times during the American session.
The 100-Hourly Moving Average (HMA) crosses the 200-HMA at that level, forming a formidable hurdle for the bulls.
The Relative Strength Index (RSI) has flattened out, hovering just below overbought zone, supporting the recent market correction.
If the purchasing interest resumes, the bulls will break above the resistance noted above, opening the way to the July 7 high of 0.7536.
Failure to reclaim the 0.7490 supply zone, on the other hand, could reawaken the selling, resulting in a new downswing towards the 50-HMA at 0.7450.
The upward-sloping 21-HMA at 0.7441 could come into play further south./n
