AUD/USD Price Analysis: Pierces 0.7300 to refresh intraday high but bulls stay cautious
- AUD/USD bounces off rising-wedge support to print four-day winning streak.
- Repeated failures to stay strong past-0.7300 prints a bearish a chart pattern.
- Buyers will remain worried unless crossing 0.7416, 200-bar SMA and a six-week-old rising trend line add to the support.
AUD/USD picks up bids near 0.7300, intraday high of 0.7309, during the early Wednesday’s trading. With this, the aussie pair rises for the fourth day in a row. However, the existence of a bearish formation on the four-hour (4H) chart joins the pair’s multiple pullbacks from above 0.7300 area to keep the sellers hopeful.
As a result, the bears are looking for entries below 0.7280 while putting the theoretical target near 0.7130 in the spotlight.
Though, 200-bar SMA, at 0.7231 now, followed by an ascending trend line from August 03, currently around 0.7215, can offer an intermediate halt to the AUD/USD downside below 0.7280 but ahead of 0.7130.
On the flip side, the recent pullback can attempt to defy the bearish chart with an upside break of 0.7350.
It should, however, be noted that the 0.7400 round-figures and the August month’s high of 0.7416, also the multi-month peak, will challenge the bulls targeting the August 2018 peak surrounding 0.7455.
AUD/USD four-hour chart
Trend: Pullback 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.
