AUD/USD Price Analysis: Further upside hinges on 0.7175 breakout
- AUD/USD remains above 200-EMA for the first time in three weeks.
- Bullish MACD signals add to the upside bias but monthly resistance line tests buyers.
- Short-term support line to test bears during fresh declines.
AUD/USD remains above the 200-EMA for the first time since late January, despite a recent pullback from a fortnight high ahead of Wednesday’s European session. That said, the Aussie pair eases to 0.7157, up 0.15% intraday at the latest.
Not only the pair’s ability to stay beyond 200-EMA, bullish MACD signals and a one-week-old upward trajectory, portrayed by an immediate support line, also keep AUD/USD buyers hopeful.
However, a descending resistance line from January 13, near 0.7175, guards the quote’s immediate upside ahead of directing it to the 0.7200 threshold.
During the AUD/USD upside past 0.7200, highs marked during January 20 and January 13, respectively around 0.7280 and 0.7315, will lure the buyers.
Alternatively, the weekly support line around 0.7130 will challenge intraday sellers of the pair during the fresh declines.
Also acting as a downside filter is a two-week-long rising trend line, close to 0.7095, a break of which will welcome AUD/USD sellers.
AUD/USD: Four-hour chart
Trend: Further upside 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.
