AUD/USD Price Analysis: Pierces monthly resistance to excel beyond 0.7700

AUD/USD prints three-day winning streak, refreshes two-week high.
Strong RSI, sustained trading above key SMAs favor bulls.
Descending triangle adds filters to the Aussie run-up.

Anil Panchal FXStreet

AUD/USD takes the bids near 0.7730, up 0.31% intraday, during early Tuesday. In doing so, the aussie pair rises to the fresh high since January 27 while breaking a downward sloping resistance line from January 14.

In addition to the upside break of the previous resistance line, strong RSI and successful trading above 21-day SMA also favor AUD/USD bulls to probe a six-week-old falling triangle.

As a result, an upside clearance of 0.7780 will accelerate the latest north-run towards breaking the 0.8000 psychological magnet.

Though, the yearly peak surrounding 0.7820 and 0.7900 may offer intermediate halts during the rise.

Meanwhile, a daily closing below the stated resistance line, at 0.7722 now, will have to close below the 21-day SMA level of 0.7696 to recall the AUD/USD sellers.

Following that, 50-day SMA, currently around 0.7635, will be the key before highlighting the stated triangle’s support line, at 0.7560 now.

Overall, AUD/USD is up for a major bull-run but a close beyond 0.7780 should be the key.

AUD/USD daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.773
Today Daily Change	25 pips
Today Daily Change %	0.32%
Today daily open	0.7705

Trends
Daily SMA20	0.7694
Daily SMA50	0.7628
Daily SMA100	0.7407
Daily SMA200	0.7194

Levels
Previous Daily High	0.7716
Previous Daily Low	0.765
Previous Weekly High	0.7675
Previous Weekly Low	0.7562
Previous Monthly High	0.782
Previous Monthly Low	0.7592
Daily Fibonacci 38.2%	0.7691
Daily Fibonacci 61.8%	0.7676
Daily Pivot Point S1	0.7665
Daily Pivot Point S2	0.7625
Daily Pivot Point S3	0.76
Daily Pivot Point R1	0.7731
Daily Pivot Point R2	0.7756
Daily Pivot Point R3	0.7796

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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