AUD/USD Price Analysis: Pullback appears unimpressive beyond 0.7085

AUD/USD bulls retreat from seven-month high while probing five-day uptrend.
Rising wedge bearish chart pattern, looming bear cross on MACD tease sellers.
100-SMA, six-week-old horizontal support add to the downside filters.
Further upside could aim for June 2022 peak.

Anil Panchal FXStreet

AUD/USD struggles for clear directions around the highest levels since June, marked the previous day, as it stays defensive near 0.7115 amid early Friday morning in Asia. In doing so, the Aussie pair also challenges the previous five-day winning streak and teases sellers by forming a rising wedge bearish chart pattern on the four-hour play.

Not only the rising wedge but the impending bear cross on the MACD also favors the odds of a pullback by the Aussie pair.

That said, the stated bearish pattern’s lower line, close to 0.7085 by the press time, appears the key as a break of which could confirm the rising wedge breakdown that theoretically suggests the downturn towards the 0.6800 mark.

However, the 100-SMA and multiple levels marked since mid-December 2022, respectively near 0.6950 and 0.6890, could challenge the further downside.

Meanwhile, recovery moves need to refresh the latest multi-month high, marked on Thursday around 0.7140, as well as the stated wedge’s top surrounding 0.7145, to recall the AUD/USD buyers.

Following that, a run-up toward the June 2022 high near 0.7285 can’t be ruled out.

Overall, AUD/USD buyers appear running out of steam but the bears have a bumpy road to track.

AUD/USD: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	0.7117
Today Daily Change	0.0012
Today Daily Change %	0.17%
Today daily open	0.7105

Trends
Daily SMA20	0.6909
Daily SMA50	0.6799
Daily SMA100	0.6649
Daily SMA200	0.6814

Levels
Previous Daily High	0.7123
Previous Daily Low	0.7032
Previous Weekly High	0.7064
Previous Weekly Low	0.6872
Previous Monthly High	0.6893
Previous Monthly Low	0.6629
Daily Fibonacci 38.2%	0.7088
Daily Fibonacci 61.8%	0.7067
Daily Pivot Point S1	0.7051
Daily Pivot Point S2	0.6996
Daily Pivot Point S3	0.6961
Daily Pivot Point R1	0.7141
Daily Pivot Point R2	0.7177
Daily Pivot Point R3	0.7231

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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