AUD/USD Price Analysis: Bullish above 0.6650 amid firmer Aussie Retail Sales, pre-Fed USD fall

AUD/USD clings to mild gains inside weekly bullish channel, keep bounce off 200-EMA.
Easing bearish bias of MACD signals adds strength to recovery moves.
Three-week-old descending trend line acts as immediate hurdle; downside break of 0.6650 can prod yearly low.

Anil Panchal FXStreet

AUD/USD remains mildly bid during a three-day winning streak around 0.6665 heading into Wednesday’s European session.

Also read: AUD/USD remains confined below 0.6670 despite upbeat Australian Retail Sales data

In doing so, the Aussie pair stays within an upward-sloping trend channel while defending the previous day’s rebound from the 200-hour Exponential Moving Average (200-EMA).

That said, the easing bearish bias of the MACD signals and the pair’s sustained trading inside a bullish chart formation, not to forget the clear bounce off 200-EMA, keeps AUD/USD buyers hopeful.

However, the late April swing high near 0.6705 challenges the immediate upside of the Aussie pair, a break of which will highlight a downward-sloping resistance line from April 13, close to 0.6715 at the latest.

In a case where the AUD/USD buyers keep the reins past 0.6715, the stated weekly channel’s top line, near 0.6745 by the press time, as well as the April 25 swing high near 0.6775, could challenge the upside momentum.

On the contrary, a downside break of the stated bullish channel’s support line, near 0.6660, isn’t an open offer for the Aussie bear’s welcome as the 200-EMA level of 0.6650 can prod the AUD/USD pair’s further declines.

Following that, a slump towards the yearly low marked in April, close to 0.6565, can’t be ruled out.

AUD/USD: Hourly chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.6667
Today Daily Change	0.0004
Today Daily Change %	0.06%
Today daily open	0.6663

Trends
Daily SMA20	0.6678
Daily SMA50	0.6688
Daily SMA100	0.679
Daily SMA200	0.6734

Levels
Previous Daily High	0.6717
Previous Daily Low	0.662
Previous Weekly High	0.6706
Previous Weekly Low	0.6574
Previous Monthly High	0.6806
Previous Monthly Low	0.6574
Daily Fibonacci 38.2%	0.668
Daily Fibonacci 61.8%	0.6657
Daily Pivot Point S1	0.6616
Daily Pivot Point S2	0.657
Daily Pivot Point S3	0.652
Daily Pivot Point R1	0.6713
Daily Pivot Point R2	0.6764
Daily Pivot Point R3	0.681

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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