AUD/USD Price Analysis: Picks up bids above 0.7700 inside bearish flag

AUD/USD prints two-day winning streak inside a bearish chart pattern.
Bullish MACD, short-term rising chart also favors further upside to 200-HMA.

Anil Panchal FXStreet

AUD/USD teases intraday top of 0.7726, currently up 0.33% around 0.7721, while heading into the European session on Wednesday.

In doing so, the aussie pair extends while portraying an upward sloping channel. However, the quote’s previous downward trajectory from January 14, coupled with the sustained trading below 200-HMA, highlight the bearish flag chart play that keeps AUD/USD sellers hopeful.

Though, the currently upside momentum eyes 200-HMA, at 0.7730 now, before receding from the stated channel’s resistance line near 0.7740.

Should AUD/USD buyers defy the bearish chart formation by cross 0.7740, their run-up to the monthly top close to the 0.7820 can’t be ruled out. During the rise, January 14 top around 0.7800 can act as an intermediate halt.

Alternatively, a downside break below 0.7695 will confirm the bearish chart pattern and direct AUD/USD sellers towards the theoretical target near mid-0.7500s. The bears may catch a breather around the monthly low of 0.7642 while declining from 0.7695 towards 0.7545.

AUD/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7721
Today Daily Change	25 pips
Today Daily Change %	0.32%
Today daily open	0.7696

Trends
Daily SMA20	0.7695
Daily SMA50	0.7526
Daily SMA100	0.7351
Daily SMA200	0.7105

Levels
Previous Daily High	0.7726
Previous Daily Low	0.7672
Previous Weekly High	0.7806
Previous Weekly Low	0.7665
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.7705
Daily Fibonacci 61.8%	0.7692
Daily Pivot Point S1	0.7669
Daily Pivot Point S2	0.7643
Daily Pivot Point S3	0.7615
Daily Pivot Point R1	0.7724
Daily Pivot Point R2	0.7752
Daily Pivot Point R3	0.7778

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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