AUD/USD Price Analysis: Bulls consolidate below 0.7320 inside a symmetrical triangle

• AUD/USD prints minute losses in the European session on Wednesday.
• Pair faces some strong resistance near 0.7320 critical resistance level.
• Oversold MACD implies a wait-and-watch approach before placing aggressive bids.

AUD/USD continues to trade lower failing the previous session’s upside momentum in European trading hours. The pair hovers in a narrow trade band with no meaningful traction.

At the time of writing,  AUD/USD is trading at 0.7313, down 0.03% for the day.

AUD/USD daily chart

On the daily chart, the pair has been rising inside the symmetrical triangle from the low of 0.7105 made on August 20 and face a strong resistance barrier near the upper trendline of the triangle.

Currently, a sustained move above intraday’s low could test the 20-day Simple Moving Average (SMA) at  0.7291.

The Moving Average Convergence Divergence (MACD) indicator reads in the oversold zone. Any downtick in the MACD would open amplify the selling pressure toward the 0.7260 horizontal support level.

Next, AUD/USD bears would look out for the low of August 27 at 0.7221.

Alternatively, if price moves higher then it could test the previous day’s high of 0.7342.

Next, the market participants would aim for the 0.7360 horizontal resistance level after breaking the triangle formation, followed by the August 13 high at 0.7383.

AUD/USD additional levels