AUD/USD Price Analysis: Bulls strike 20-day SMA near 0.7400

• AUD/USD consolidates gains in the Asian session on Thursday.
• Bulls face multiple resistance near the 0.7400 mark.
• Oversold MACD signifies underlying bullish sentiment.

AUD/USD shrug off the previous day’s decline and make advances on  Thursday in the Asian trading hours. The pair hovers in the familiar trade range of 0.7330 and 0.7400 for the previous one week.

At the time of writing,  AUD/USD is trading at 0.7393, up 0.15% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under selling pressure from the high of 0.7776 made on June 11 and touched the lows of 0.7288 on July 21. 

The ascending trendline from the mentioned lower level suggests the remaining upside in AUD/USD.

That said, if price breaks and sustains above the intraday session, then it could move toward the previous day’s high in the vicinity of 0.7430 area.

AUD/USD bulls would next try to win the 0.7450 horizontal resistance area.

The oversold Moving Average Convergence Divergence (MACD) indicator with stretched selling opportunities, makes bulls hopeful for further upside movement until the 0.7500 psychological mark.

Alternatively, any if price moves lower then it could fall back to Thursday’s low of 0.7356

The next area of support emerges at the lower trendline of the ascending channel at 0.7320 followed by the July 21 low at 0.7288.

AUD/USD additional levels