AUD/USD Price Analysis: Multiple hurdles set to test bulls above 0.7000

AUD/USD renews intraday high during three-day recovery from multi-month low.
Clear break of weekly falling trend line favors buyers amid firmer RSI.
13-day-old horizontal area comprising 100-SMA challenges buyers ahead of descending trend line from early April.
Previous resistance line, weekly support to test pullback moves.

Anil Panchal FXStreet

AUD/USD picks up bids to refresh daily top around 0.7010 heading into Tuesday’s European session.

In doing so, the Aussie pair justifies the previous day’s break of a weekly descending trend line, as well as a firmer RSI (14).

However, multiple hurdles from April 28, as well as the 100-SMA, stand ready to challenge the AUD/USD bulls between 0.7030 and 0.7055.

Also acting as the short-term key resistance is a downward sloping trend line from April 05, close to 0.7115.

Alternatively, the resistance-turned-support line, around 0.6950 by the press time, puts a floor under the short-term AUD/USD pullback.

Following that, a one-week-old rising support line, near the 0.6900 threshold and the latest multi-month bottom around 0.6830, marked the last week, will be important to watch.

AUD/USD: Four-hour chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	0.7004
Today Daily Change	0.0033
Today Daily Change %	0.47%
Today daily open	0.6971

Trends
Daily SMA20	0.7112
Daily SMA50	0.7298
Daily SMA100	0.7245
Daily SMA200	0.7269

Levels
Previous Daily High	0.6983
Previous Daily Low	0.6872
Previous Weekly High	0.7074
Previous Weekly Low	0.6828
Previous Monthly High	0.7662
Previous Monthly Low	0.7054
Daily Fibonacci 38.2%	0.6941
Daily Fibonacci 61.8%	0.6915
Daily Pivot Point S1	0.6901
Daily Pivot Point S2	0.6832
Daily Pivot Point S3	0.6791
Daily Pivot Point R1	0.7012
Daily Pivot Point R2	0.7053
Daily Pivot Point R3	0.7122

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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