AUD/USD Price Analysis: Has the room to rise towards 0.7850 amid favorable technicals
|- AUD/USD clinches fresh seven-week highs, briefly regains 0.7800.
- The aussie’s daily chart shows scope for additional upside.
- RSI points north, as the bulls eye the horizontal trendline resistance.
AUD/USD is battling 0.7800, sitting at the highest levels in seven weeks, as the sentiment remains underpinned by broad-based US dollar weakness.
The covid vaccine rollouts driven global economic optimism continues to weigh on the haven demand for the greenback. The dovish RBA minutes and PBOC’s inaction failed to have any impact on the aussie.
From a near-term technical perspective, AUD/USD remains on track to challenge the horizontal (orange) trendline resistance at 0.7853, as the upside break from the symmetrical triangle extends into a fresh week.
The February 26 high of 0.7884 remains next on the buyers’ radars.
With the Relative Strength Index (RSI) pointing upwards, near 62.02, the upside appears more compelling for the aussie.
AUD/USD daily chart
To the downside, immediate support awaits at the horizontal 50-daily moving average (DMA) at 0.7724.
The round number at 0.7700 could then challenge the bearish commitments.
The mildly bullish 100-DMA at 0.7679 will likely come to the AUD bulls’ rescue.
AUD/USD additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.