AUD/USD Price Analysis: Weekly resistance line probes buyers below 0.7000
|- AUD/USD dribbles around intraday high during the first positive day in five.
- RSI rebound, bullish MACD signals hint at further recovery from monthly low.
- Descending trend line from late Wednesday appears a tough nut to crack for buyers.
- Bears need to break immediate support to retake control.
AUD/USD fades rebound from monthly low as it retreats to 0.6950 heading into Tuesday’s European session.
In doing so, the Aussie pair jostles with a downward sloping resistance line from Friday, around 0.6970 by the press time.
However, bullish MACD signals and the RSI (14) recovery from the oversold territory hints at the AUD/USD pair’s further rebound.
That said, the 0.7000 psychological magnet and the 50-HMA level near 0.7015 seem to lure the pair buyers.
Following that, a one-week-long resistance line, close to 0.7050 at the latest, will be crucial for the AUD/USD bulls to watch.
Meanwhile, fresh downside needs validation from an immediate support line surrounding 0.6930, as well as the 0.6900 round figure, before directing AUD/USD bears towards the yearly low near 0.6830, marked in May.
Should the quote remains bearish past 0.6830, March 2020 high near 0.6685 will gain the market’s attention.
AUD/USD: Hourly chart
Trend: Further recovery expected
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