AUD/USD Price Analysis: Bull flag teases run-up to 0.7080

AUD/USD remains indecisive below 200-HMA inside bullish chart formation.
RSI, MACD hints at further weakness, 200-HMA guards immediate upside.
Bulls need validation from 0.6980 resistance, weekly horizontal support tests bears.

Anil Panchal FXStreet

AUD/USD retreats to 0.6960 while portraying sluggish moves inside a short-term bull flag. That said, the Aussie pair recently eased from the 200-HMA during Wednesday’s Asian session.

Given the lower high in RSI (14) backing the latest weakness in the AUD/USD prices, as well as the bearish MACD signals, the quote is likely to remain depressed inside a flag, currently between 0.6940 and 0.6980.

It’s worth noting that the 23.6% Fibonacci retracement level of August 01-05 declines, near 0.6910, could test the AUD/USD bears after 0.6940. However, a one-week-old horizontal area near 0.6885 might restrict the Aussie pairs’ further downside.

On the contrary, the 200-HMA level near 0.6965 guards the quote’s immediate recovery.

Following that, the stated flag’s upper line, close to 0.6980 by the press time, holds the key to the AUD/USD pair’s rally.

During the rise, the Aussie pair may take a breather around tops marked on Monday and on August 01, near 0.6995 and 0.7045-50 in that order, ahead of fueling the run-up towards the theoretical target surrounding 0.7080.

AUD/USD: Hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.6958
Today Daily Change	-0.0007
Today Daily Change %	-0.10%
Today daily open	0.6965

Trends
Daily SMA20	0.6916
Daily SMA50	0.6946
Daily SMA100	0.7096
Daily SMA200	0.7156

Levels
Previous Daily High	0.6995
Previous Daily Low	0.6952
Previous Weekly High	0.7048
Previous Weekly Low	0.6869
Previous Monthly High	0.7033
Previous Monthly Low	0.668
Daily Fibonacci 38.2%	0.6968
Daily Fibonacci 61.8%	0.6979
Daily Pivot Point S1	0.6946
Daily Pivot Point S2	0.6928
Daily Pivot Point S3	0.6903
Daily Pivot Point R1	0.6989
Daily Pivot Point R2	0.7014
Daily Pivot Point R3	0.7032

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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