AUD/USD Price Analysis: Bulls attack monthly triangle resistance above 0.7200

AUD/USD grinds higher around two-week top during three-day uptrend.
Bullish RSI divergence keep buyers hopeful, 100-DMA adds to the upside filters.

Anil Panchal FXStreet

AUD/USD remains on the front foot around a fortnight high near 0.7230, recently easing from the intraday top during Wednesday’s Asian session.

The Aussie pair’s latest upside momentum could be linked to the bullish divergence of the RSI, spotted while prices and RSI both print higher lows.

However, a one-month-old triangle formation joins the 100-DMA to restrict the immediate upside of the pair around 0.7235-40 area.

Even if the quote rises past 0.7240, it needs to overcome a downward sloping trend line from November 15, around 0.7275 at the latest, to keep the AUD/USD bulls hopeful.

Meanwhile, pullback moves remain elusive beyond the stated triangle’s support line, close to 0.7155 by the press time.

Following that, a horizontal area from December 2021 near 0.7090-80 will be crucial for the AUD/USD bears to watch as a break of which will direct the quote towards the sub-0.7000 zone.

AUD/USD: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7227
Today Daily Change	0.0034
Today Daily Change %	0.47%
Today daily open	0.7193

Trends
Daily SMA20	0.7131
Daily SMA50	0.7174
Daily SMA100	0.7243
Daily SMA200	0.7346

Levels
Previous Daily High	0.7223
Previous Daily Low	0.7166
Previous Weekly High	0.7229
Previous Weekly Low	0.7086
Previous Monthly High	0.7315
Previous Monthly Low	0.6966
Daily Fibonacci 38.2%	0.7201
Daily Fibonacci 61.8%	0.7188
Daily Pivot Point S1	0.7165
Daily Pivot Point S2	0.7137
Daily Pivot Point S3	0.7108
Daily Pivot Point R1	0.7222
Daily Pivot Point R2	0.7251
Daily Pivot Point R3	0.7279

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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