AUDUSD surged to a fresh eight-month high of 0.7157 earlier today, boosting the rebound off the 0.6985 support level. The price is creating a steep bullish tendency after it bottomed at 0.6170 with the technical oscillators standing in positive region. The MACD is extending its move above its trigger and zero lines, while the RSI is approaching the overbought region.
More increases could open the way towards the 0.7280 resistance, taken from the high in May 2022, while if the bulls hold control and move higher they could reach the inside swing high of 0.7555, registered in October 2021.
Alternatively, a drop lower could meet the 20-day simple moving average (SMA) near the 0.6985 support level. A step below the uptrend line could change the outlook to neutral, challenging the 0.6870 barrier and the bullish crossover within the 50- and the 200-day SMAs at 0.6815.
Summarizing, AUDUSD is currently strongly bullish; however, any moves beneath the 200-day SMA could switch the bias to bearish.
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