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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.

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 price0.7227
Today Daily Change0.0034
Today Daily Change %0.47%
Today daily open0.7193
 
Trends
Daily SMA200.7131
Daily SMA500.7174
Daily SMA1000.7243
Daily SMA2000.7346
 
Levels
Previous Daily High0.7223
Previous Daily Low0.7166
Previous Weekly High0.7229
Previous Weekly Low0.7086
Previous Monthly High0.7315
Previous Monthly Low0.6966
Daily Fibonacci 38.2%0.7201
Daily Fibonacci 61.8%0.7188
Daily Pivot Point S10.7165
Daily Pivot Point S20.7137
Daily Pivot Point S30.7108
Daily Pivot Point R10.7222
Daily Pivot Point R20.7251
Daily Pivot Point R30.7279

Author

Anil Panchal

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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