AUD/USD Price Analysis: Bulls battle to pass 0.7400 mark

• AUD/USD consolidates gains in the Asian session on Thursday.
• Bulls face consistent resistance near 0.7380 level.
• Oversold MACD implies a wait-and-watch approach before placing aggressive bids.

AUD/USD prints mild gain for the second straight day on Thursday in the Asian trading hours. The pair hovers in a very narrow range with a bullish bias.

At the time of writing,  AUD/USD is trading at 0.7376, up 0.02% for the day.

AUD/USD daily chart

On the daily chart, the pair has been under selling pressure from the high of 0.7794 made on June 7 and touched the lows of 0.7288 on July 21. 

The descending trendline from the above high acts as a strong resistance for the pair.  The trendline coincides with the break of the 20-day Simple Moving Average (SMA) at 0.7740.

That said, if price breaks and sustains above the intraday session, then it could move toward the 0.7400 key psychological mark

A daily close above the 0.7400 level would further push AUD/USD higher to the high of July 16 at 0.7444.

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

In doing so, the bulls would attempt to retest the 0.7480 horizontal resistance level.
 
Alternatively, any downtick in the MACD could drag the pair toward the 0.7350 horizontal support level. AUD/USD bears would aim to reach the low of July 21 at 0.7288.

The next area of support emerges at the level last seen on November 23, 2020, at 0.7264.

AUD/USD additional levels