AUD/USD Price Analysis: Pullback halts near 0.7380 still downside risk remain intact

• AUD/USD continues its slide since the beginning of the week.
• The bulls exhausted the upside rally near the 0.7480 level high made on Friday.
• Additional losses for pair if price decisively breaks 50-day SMA, MACD holds in the overbought zone.

AUD/USD edges lower for the third session in a row on Wednesday in the initial European trading hours. The pair seems to be reluctant to fall below 0.7480 as hovers in a very narrow trade band.

At the time of writing,  AUD/USD is trading at 0.7383, down 0.08% for the day.

AUD/USD daily chart

On the daily chart, the formation of a shooting star candlestick pattern on Monday followed by the big red candle indicates weakness in AUD/USD. As a result, the pair record a fall of nearly 80-pips from the high of 0.7462.

Currently, if price sustained the intraday low around 0.7380, then it could move back to the 0.7450 horizontal resistance level.

The Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone. Any uptick in the MACD would amplify the buying pressure toward the high made on Friday at 0.7478.

Next, AUD/USD bulls would lookout for the 0.7525 horizontal resistance level.

Alternatively, if price breaks 50-day SMA at 0.7368 then it could see the 0.7325 horizontal support level.

Next, the market participants would aim for the 0.7300 key psychological level followed by the 0.7250 horizontal support level.

AUD/USD additional levels