AUD/USD Price Analysis: Has the room to rise towards 0.7850 amid favorable technicals

AUD/USD clinches fresh seven-week highs, briefly regains 0.7800.
The aussie’s daily chart shows scope for additional upside.
RSI points north, as the bulls eye the horizontal trendline resistance.

Dhwani Mehta FXStreet

AUD/USD is battling 0.7800, sitting at the highest levels in seven weeks, as the sentiment remains underpinned by broad-based US dollar weakness.

The covid vaccine rollouts driven global economic optimism continues to weigh on the haven demand for the greenback. The dovish RBA minutes and PBOC’s inaction failed to have any impact on the aussie.

From a near-term technical perspective, AUD/USD remains on track to challenge the horizontal (orange) trendline resistance at 0.7853, as the upside break from the symmetrical triangle extends into a fresh week.

The February 26 high of 0.7884 remains next on the buyers’ radars.

With the Relative Strength Index (RSI) pointing upwards, near 62.02, the upside appears more compelling for the aussie.

AUD/USD daily chart

To the downside, immediate support awaits at the horizontal 50-daily moving average (DMA) at 0.7724.

The round number at 0.7700 could then challenge the bearish commitments.

The mildly bullish 100-DMA at 0.7679 will likely come to the AUD bulls’ rescue.

AUD/USD additional levels to watch

AUD/USD

Overview
Today last price	0.7800
Today Daily Change	0.0042
Today Daily Change %	0.54
Today daily open	0.7758

Trends
Daily SMA20	0.7645
Daily SMA50	0.7723
Daily SMA100	0.7675
Daily SMA200	0.7433

Levels
Previous Daily High	0.7785
Previous Daily Low	0.752
Previous Weekly High	0.7762
Previous Weekly Low	0.7585
Previous Monthly High	0.785
Previous Monthly Low	0.7562
Daily Fibonacci 38.2%	0.7684
Daily Fibonacci 61.8%	0.7621
Daily Pivot Point S1	0.759
Daily Pivot Point S2	0.7422
Daily Pivot Point S3	0.7325
Daily Pivot Point R1	0.7856
Daily Pivot Point R2	0.7953
Daily Pivot Point R3	0.8121

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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