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- AUD/USD Price Analysis: Further upside hinges on 15-week-old resistance break
AUD/USD Price Analysis: Further upside hinges on 15-week-old resistance break
- AUD/USD extends the previous day’s rebound from 21-DMA, renews intraday top of late.
- 15-week-long resistance line guards immediate upside, 100-DMA tests pullback moves.
- Oscillators do favor the bulls but January’s peak, 200-DMA will be tough nuts to crack for them.
AUD/USD takes the bids to refresh intraday peak surrounding 0.7270, up 0.15% intraday heading into Tuesday’s European session.
In doing so, the Aussie pair stretches the previous day’s recovery moves from the 21-DMA to battle a downward sloping resistance line from November 15, 2021, around 0.7275-80.
That said, the upbeat MACD and RSI conditions join a clear run-up beyond the 100-DMA to favor AUD/USD buyers to aim for the 0.7300 threshold.
However, tops marked in January 2022 and the 200-DMA, respectively around 0.7315 and 0.7330, will challenge the pair’s further advances.
Meanwhile, pullback moves remain elusive until staying beyond the 100-DMA level surrounding 0.7235.
During the quote’s weakness past-0.7235, the 0.7200 round figure and 21-DMA level of 0.7173 should gain the market’s attention as a break of which will recall the AUD/USD bears.
AUD/USD: Daily chart
Trend: Further upside expected
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