AUD/USD Price Analysis: Further upside needs validation from 0.7410
|- AUD/USD eases from monthly horizontal resistance during three-day uptrend.
- Clear break of five-week-old resistance line, bullish MACD favor buyers.
- Bears may wait for 0.7317 breakdown for fresh entries.
AUD/USD bulls flirt with the 0.7400 threshold, up 0.13% intraday during a three-day advance, ahead of Wednesday’s European session.
The Aussie pair crossed a downward sloping trend line from June 11 the previous day but 21-DMA and a horizontal area comprising multiple levels marked since early July guard immediate around 0.7410.
Given the bullish MACD signal and a sustained trend line breakout, AUD/USD buyers may remain hopeful until the quote stays beyond 0.7378.
Even if the quote drops below 0.7378, lows marked during July 19 and 28 could restrict the pair’s further weakness around 0.7320-17 before highlighting the yearly low of 0.7288 for the bears.
Meanwhile, an upside break of 0.7410 will push the AUD/USD buyers toward June’s bottom ear 0.7480. Though, multiple levels since early July, surrounding the 0.7500 round figure, could challenge the pair’s rise afterward.
Should the Aussie bulls remain dominant past 0.7500, 50-DMA and a downward sloping trend line from May 10, respectively around 0.7535 and 0.7590 will be crucial to watch.
AUD/USD: Daily chart
Trend: Further recovery expected
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