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
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Trend: Pullback expected
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.
