AUD/USD Price Analysis: Near 0.7500, it's make or break time

 Key Takeaways

• The AUD/USD currency pair is bidding at the upper edge of the rising channel pattern.

• The asset has fallen below the 20-day exponential moving average, signaling worry for Aussie bulls.

• The RSI (14) has fallen into a range of 40.00-60.00, which no longer favors the upside.

Since Wednesday, the AUD/USD pair has been trading in a range of 0.7500-0.7536. The asset appears to be losing strength following numerous failed efforts to breach the March 28 high of 0.7540. On Thursday, the asset saw a negative open rejection-reverse trading session, as it progressively increased after opening around 0.7507. The major, on the other hand, has encountered large offers near 0.7518 as investors prefer a'sell on rise' strategy.

On a four-hour chart, AUD/USD is trading towards the upper edge of the rising channel, the lower end of which is shown by the January 28 low of 0.6966 and the upper end by the January 13 high of 0.7315.

The asset is trading near the 0.7505 20-period Exponential Moving Average (EMA).

The Relative Strength Index (RSI) (14) has switched from a bullish range of 60.00-80.00 to a bearish range of 40.00-60.00, indicating that consolidation is imminent.

If the asset falls below the March 29 low of 0.7455, it will begin a decline toward the March 10 high of 0.7369, followed by the round level support at 0.7300.

On the other hand, Aussie bulls have the ability to control the price if the asset overcomes the March 28 high of 0.7541, which will take the asset towards round-level resistance at 0.7600, followed by the 17 June 2021 high of 0.7646.

Four-hour chart of the AUD/USD

AUD/USD