AUD/USD Price Analysis: Further upside hinges on 0.6820 breakout and RBA

AUD/USD seesaws around five-week high after positing the biggest daily jump in three months.
Convergence of 200-EMA, three-week-old ascending trend line challenges Aussie pair buyers.
Hopes of dovish rate hike also raise doubts about bullish bias.
Upbeat RSI, bullish MACD signals keep AUD/USD buyers hopeful unless the quote stays beyond 100-EMA.

Anil Panchal FXStreet

AUD/USD aptly portrays the pre-RBA anxiety as it makes rounds to 0.6780-85 during early Tuesday, following the strongest daily run-up since early January.

Mixed concerns about the Reserve Bank of Australia’s (RBA) Interest Rate Decision challenge the AUD/USD bulls even if a clear upside break of the 100-day Exponential Moving Average (EMA) keeps them hopeful.

Also read: AUD/USD aptly portrays pre-RBA anxiety at five-week top below 0.6800

Adding strength to the upside bias are the bullish MACD signals and firmer RSI (14) line, not overbought.

However, a convergence of the 200-day EMA and an upward-sloping resistance line from mid-March, around 0.6820 by the press time, appears a tough nut to crack for the AUD/USD buyers.

Following that, the 0.6900 and the 0.7000 round figure may act as intermediate halts during the likely run-up targeting the mid-February swing high of around 0.7030.

Meanwhile, pullback moves need to conquer the 100-day EMA level of 0.6770 to convince short-term AUD/USD sellers.

Even so, 0.6720 and the previous day’s low surrounding 0.6650 could challenge the pair bears before giving them control. In that case, the Year-To-Date low of 0.6564 will be in focus.

AUD/USD: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.6784
Today Daily Change	-0.0001
Today Daily Change %	-0.01%
Today daily open	0.6785

Trends
Daily SMA20	0.6665
Daily SMA50	0.6815
Daily SMA100	0.68
Daily SMA200	0.6751

Levels
Previous Daily High	0.679
Previous Daily Low	0.6651
Previous Weekly High	0.6738
Previous Weekly Low	0.6634
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.6737
Daily Fibonacci 61.8%	0.6704
Daily Pivot Point S1	0.6694
Daily Pivot Point S2	0.6603
Daily Pivot Point S3	0.6555
Daily Pivot Point R1	0.6833
Daily Pivot Point R2	0.6881
Daily Pivot Point R3	0.6972

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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