AUD/USD Price Analysis: Keeps rebound from 0.7200 immediate support
|- AUD/USD picks up bids to refresh intraday high, aims to reverse previous day’s pullback from monthly top.
- Bullish MACD, sustained bounce off 38.2% Fibonacci retracement level keep short-term buyers hopeful.
- Key SMAs challenge further upside, three-week-old support line lures bears.
AUD/USD consolidates losses from a five-week top while refreshing intraday high around 0.7235 during early Wednesday morning in Asia.
In doing so, the Aussie pair keeps the bounce off 38.2% Fibonacci retracement (Fibo.) of October-December declines amid bullish MACD.
However, 50-DMA and 100-DMA, respectively near 0.7270 and 0.7290, challenge short-term advances of the pair ahead of flashing the 0.7300 threshold on the chart.
In a case where AUD/USD bulls keep reins past 0.7300, the previous support line from August, close to 0.7325, will be in focus.
Alternatively, a downside break of 0.7200 will have multiple supports around 0.7190 before directing the AUD/USD sellers towards September’s low of 0.7170.
Overall, AUD/USD bulls are in for a bumpy ride to the road during the final days of 2021.
AUD/USD; Daily chart
Trend: Limited upside potential
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