The AUD/USD currency pair continues to meet resistance near 0.7550.
If price decisively breaks 0.7550, more higher activity is expected.
When the MACD is oversold, it’s best to take a wait-and-see attitude before making strong offers.
In early Asian trading hours on Tuesday, the AUD/USD rose for the second day in a row. While encountering firm resistance near 0.7550, the pair extends its previous day’s positive momentum.
The AUD/USD currency pair is currently trading at 0.7542, up 0.16 percent on the day.
On the daily chart, the pair was under selling pressure in the previous week, starting at a high of 0.7603 and reaching lows near 0.7460 on Thursday. The Australian dollar surged substantially on the last trading day of the previous week, recouping some of its losses.
Price could rise toward the 200-day Simple Moving Average (SMA) at 0.7575, followed by the 0.7600 horizontal resistance level, if it breaks and sustains above the intraday session.
Bulls are hoping for more upside movement thanks to the oversold Moving Average Convergence Divergence (MACD) signal, which has stretched selling chances.
Price would be pushed higher toward the 0.7650 horizontal resistance level if it closed above the crucial psychological barrier of 0.7600. A downtick in the MACD, on the other hand, might push the pair toward the 0.7500 horizontal support level. Bears in the AUD/USD would try to break through the July 1 low of 0.7459.
The next region of support is at 0.7425, which was last seen on December 12, 2020./n
