AUD/USD Price Analysis: Probes intraday high above 0.6950 inside short-term rising channel
- AUD/USD buyers take back control following the latest bounce from 0.6932.
- Multiple upside barriers beyond 0.7000 stand tall to challenge the bulls.
- A monthly support line could gain sellers’ attention on the downside break of the channel.
AUD/USD takes the bids near the intraday high of 0.6972, up 0.11% on a day, during the early Wednesday’s trading. The Aussie pair initially weakened after China’s downbeat inflation figures but have recently picked up the bids amid broad US dollar pullback ahead of the Fed meeting. It’s worth mentioning that the quote remains inside a one-week-old ascending trend channel formation.
As a result, the pair’s current run-up might aim 0.7000 round-figures ahead of challenging the weekly top surrounding 0.7045.
Though, the AUD/USD price rise past-0.7045 will find it difficult to sustain as the said channel’s resistance line, at 0.7058, followed by July 2019 peak near 0.7085, could challenge the bulls.
Meanwhile, a downside break below the channel’s support, at 0.6920 now, can fetch the pair towards an ascending support line from May 15, currently close to 0.6760. In doing so, the sellers may avail 0.6800 as an intermediate halt.
AUD/USD four-hour chart
Trend: Bullish
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.
