AUD/USD Price Analysis: Refreshes weekly top as bulls cheer 0.7110 breakout

AUD/USD prints three-day rebound from yearly bottom, rises one-week high at the latest.
Clear break of 10-DMA, descending trend channel favor buyers.
RSI, MACD conditions add to the bullish bias targeting 10-week-old horizontal resistance.
Lows marked during November 2020, December 2021 offer strong support.

Anil Panchal FXStreet

AUD/USD takes the bids to refresh weekly high around 0.7145 during early Wednesday. In doing so, the Aussie pair justifies the upside break of the key 0.7110 resistance confluence, now support, amid firmer sentiment.

Given the receding bearish bias of the MACD and RSI’s rebound from the oversold area, the quote is likely to extend recovery from a horizontal area including lows marked during November 2020 and so far during December 2021, near 0.6990.

Hence, the AUD/USD bulls are set to battle the 0.7170 resistance that encompasses September lows and last week’s tops. However, the quote’s further upside will need validation from bottoms marked during late August and September, close to 0.7225-30.

Meanwhile, pullback moves will aim for the 0.7000 threshold but the rock-solid support near 0.6990 will challenge the AUD/USD bears afterward.

In a case where the pair drops past-0.6990, it becomes vulnerable to slump towards June 2020 swing lows of 0.6775. During the fall, the 0.6900 and the 0.6800 thresholds may act as buffers.

AUD/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	0.7137
Today Daily Change	0.0020
Today Daily Change %	0.28%
Today daily open	0.7117

Trends
Daily SMA20	0.7198
Daily SMA50	0.7318
Daily SMA100	0.7321
Daily SMA200	0.7492

Levels
Previous Daily High	0.7124
Previous Daily Low	0.7038
Previous Weekly High	0.7174
Previous Weekly Low	0.6993
Previous Monthly High	0.7537
Previous Monthly Low	0.7063
Daily Fibonacci 38.2%	0.7091
Daily Fibonacci 61.8%	0.7071
Daily Pivot Point S1	0.7062
Daily Pivot Point S2	0.7008
Daily Pivot Point S3	0.6977
Daily Pivot Point R1	0.7148
Daily Pivot Point R2	0.7179
Daily Pivot Point R3	0.7233

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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