AUD/USD Price Analysis: Corrective pullback probes descending triangle around mid-0.7600s
- AUD/USD snaps four-day losing streak while bouncing off one-month low.
- Bullish breakout needs to cross 200-HMA, two-week-old resistance line to recall the buyers.
- Sellers may eye yearly bottom during fresh downside.
AUD/USD battles intraday high of 0.7663, currently up 0.18% around 0.7658, during early Tuesday. In doing so, the aussie bulls extend recovery moves from one-month, marked earlier in Asia, towards breaking a three-day-old descending triangle’s upper line.
Considering the recent upbeat comments from the Australian Prime Minister Scott Morrison and normal RSI conditions, the quote is expected to pierce the immediate hurdle around 0.7665.
Read: Australian PM Morrison: COVID-19 vaccination drive on track to meet targets
However, the bullish breakout doesn’t guarantee the AUD/USD run-up as a downward sloping trend line from February 25 and 200-HMA, respectively around 0.7720 and 0.7775, will challenge the pair’s further upside.
Alternatively, pullback moves may seesaw around 0.7620 support ahead of highlighting the 0.7600 threshold for sellers.
In a case where the AUD/USD sellers dominate past-0.7600, the yearly low near 0.7560 should return to the charts.
AUD/USD hourly chart
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.
