AUD/USD Price Analysis: Pokes monthly resistance on the way to 0.7290

AUD/USD remains firmer after refreshing five-week high, picks up bids of late.
Bull cross, firmer RSI favor buyers to surpass immediate resistance line.
Weekly horizontal support restricts short-term downside.

Anil Panchal FXStreet

AUD/USD rises to 0.7260, up 0.08% intraday while staying near the highest levels since November 22. In doing so, the Aussie pair justifies a bull cross portrayed on Tuesday, as well as a firmer RSI line during Thursday’s Asian session.

However, an upward sloping trend line from November 30 acts as an extra upside filter around 0.7270 to challenge the Aussie pair’s short-term advances.

Following that, the 78.6% Fibonacci retracement (Fibo.) level of November 15 to December 03 downside, around 0.7290, will be on focus.

On the contrary, a one-week-old horizontal support line restricts short-term AUD/USD downside around 0.7200, a break of which will aim for 50-SMA and 200-SMA, respectively near 0.7195 and 0.7175.

In a case where the AUD/USD drops below 0.7175, it becomes vulnerable to test the last weekly low surrounding 0.7080.

AUD/USD: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.7258
Today Daily Change	0.0006
Today Daily Change %	0.08%
Today daily open	0.7252

Trends
Daily SMA20	0.7158
Daily SMA50	0.7267
Daily SMA100	0.729
Daily SMA200	0.7449

Levels
Previous Daily High	0.7273
Previous Daily Low	0.7204
Previous Weekly High	0.7253
Previous Weekly Low	0.7081
Previous Monthly High	0.7537
Previous Monthly Low	0.7063
Daily Fibonacci 38.2%	0.7247
Daily Fibonacci 61.8%	0.723
Daily Pivot Point S1	0.7213
Daily Pivot Point S2	0.7174
Daily Pivot Point S3	0.7144
Daily Pivot Point R1	0.7282
Daily Pivot Point R2	0.7312
Daily Pivot Point R3	0.7351

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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