AUD/USD Price Analysis: Pullback remains elusive beyond 0.7230

AUD/USD fades bounce off intraday low, mildly offered around January’s peak.
Resistance-turned-support from mid-November, 50% Fibonacci retracement limits further downside.
Multiple hurdles to challenge bulls below 0.7371, oscillators favor upside momentum.

AUD/USD bulls take a breather around a seven-week high, pressured towards the intraday low of 0.7275 during early Thursday morning in Europe.

In doing so, the Aussie pair takes a U-turn from the multi-day high marked the previous day.

However, the quote holds on to the latest breakout of a descending trend line from November 15.

Other than the trend line breakout, bullish MACD signals and firmer RSI line also favor the AUD/USD buyers until the quote drops back below the previous resistance line, near 0.7260 at the latest. It’s worth noting that the 50% Fibonacci retracement of the pair’s downside from October 2021 to January 2022 adds strength to the 0.7260 support.

Even if the quote breaks lower, the 100-DMA support level of 0.7230 will try to defend the AUD/USD bulls, failing to which can recall the early January’s low near 0.7130 to the chart.

Meanwhile, the pair’s fresh upside will aim for January’s top of 0.7315 but the 200-DMA and 61.8% Fibo, close 0.7330-35, will challenge the pair bulls afterward.

In a case where the AUD/USD prices rise past 0.7335, the November 15 swing high of 0.7371 will be crucial resistance to watch.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.7287
Today Daily Change	-0.0017
Today Daily Change %	-0.23%
Today daily open	0.7304

Trends
Daily SMA20	0.7183
Daily SMA50	0.7186
Daily SMA100	0.7237
Daily SMA200	0.7328

Levels
Previous Daily High	0.7308
Previous Daily Low	0.7239
Previous Weekly High	0.7285
Previous Weekly Low	0.7094
Previous Monthly High	0.7286
Previous Monthly Low	0.7032
Daily Fibonacci 38.2%	0.7282
Daily Fibonacci 61.8%	0.7265
Daily Pivot Point S1	0.726
Daily Pivot Point S2	0.7215
Daily Pivot Point S3	0.7191
Daily Pivot Point R1	0.7329
Daily Pivot Point R2	0.7353
Daily Pivot Point R3	0.7398

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