AUD/USD Price Analysis: Corrective pullback eyes 0.7210 hurdle
|- AUD/USD extends bounce off yearly low, refreshes intraday top.
- Previous support from November 2020 guards immediate upside.
- 78.6% Fibonacci retracement, channel’s resistance appear as a tough nut to crack for bulls.
- Bearish MACD, monthly descending channel keeps sellers hopeful.
AUD/USD picks up bids to refresh daily high around 0.7145, up 0.20% intraday during early Wednesday. In doing so, the Aussie pair stretches the previous day’s rebound from an 11-month low amid an oversold RSI line.
However, the bearish MACD signals and monthly descending channel keeps sellers hopeful until the quote crosses the 0.7210 hurdle, including the stated channel’s upper line and 78.6% Fibonacci retracement (Fibo.) of November 2020 to February 2021 upside.
Ahead of that, the support-turned-resistance line from November 2020, near 0.7145, followed by September’s low near 0.7170, will act as immediate hurdles for the AUD/USD buyers to tackle.
It’s worth noting that a clear break above 0.7210 enables AUD/USD bulls to aim for July’s bottom surrounding 0.7270, as well as 61.8% Fibo. level surrounding 0.7380.
Alternatively, the 0.7100 round figure may offer immediate support before directing bears to the stated channel’s lower line, around 0.7070 at the latest.
In a case where the AUD/USD bears conquer the 0.7070 threshold, the 0.7000 psychological magnet and November 2020 bottom surrounding 0.6990 will be in focus.
AUD/USD: Daily chart
Trend: Bearish
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