AUD/USD Price Analysis: Picks up bids inside familiar territory below 0.7800
|- AUD/USD stays mildly bid inside a short-term triangle formation.
- Bullish MACD, sustained trading above 50-day SMA keeps buyers hopeful.
- Daily closing beyond 0.7815 becomes necessary to convince buyers.
AUD/USD keeps late Thursday’s recovery moves from 0.7750 while picking up bids around 0.7775, up 0.10% intraday, during early Friday.
Although the quote defies the previous day’s pullback from the six-week top, a triangle formation established since early March restricts the short-term moves between 0.7745 and 0.7815.
However, the pair’s successful trading beyond 50-day SMA and bullish MACD favor the buyers targeting March month’s peak surrounding 0.7850.
Meanwhile, a downside break of 50-day SMA, around 0.7720 by the press time, should immediately break the 0.7700 threshold but the monthly horizontal support close to 0.7690 may test the AUD/USD bears afterward.
Overall, AUD/USD bears look for the fresh push towards the north, which in turn highlights the latest risk catalysts for a fresh direction.
AUD/USD daily chart
Trend: Further upside expected
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