AUD/USD Price Analysis: Pierces monthly resistance to excel beyond 0.7700
|- AUD/USD prints three-day winning streak, refreshes two-week high.
- Strong RSI, sustained trading above key SMAs favor bulls.
- Descending triangle adds filters to the Aussie run-up.
AUD/USD takes the bids near 0.7730, up 0.31% intraday, during early Tuesday. In doing so, the aussie pair rises to the fresh high since January 27 while breaking a downward sloping resistance line from January 14.
In addition to the upside break of the previous resistance line, strong RSI and successful trading above 21-day SMA also favor AUD/USD bulls to probe a six-week-old falling triangle.
As a result, an upside clearance of 0.7780 will accelerate the latest north-run towards breaking the 0.8000 psychological magnet.
Though, the yearly peak surrounding 0.7820 and 0.7900 may offer intermediate halts during the rise.
Meanwhile, a daily closing below the stated resistance line, at 0.7722 now, will have to close below the 21-day SMA level of 0.7696 to recall the AUD/USD sellers.
Following that, 50-day SMA, currently around 0.7635, will be the key before highlighting the stated triangle’s support line, at 0.7560 now.
Overall, AUD/USD is up for a major bull-run but a close beyond 0.7780 should be the key.
AUD/USD daily chart
Trend: Bullish
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