AUD/USD Price Analysis: Intraday uptick struggled to find acceptance above 0.6900

• AUD/USD gains traction on Wednesday, albeit lacked any strong follow-through.
• The near-term technical set-up still seems tilted firmly in favour of bullish traders.
• Sustained move beyond a descending trend-line needed to confirm any bullish bias.

The AUD/USD pair struggled to capitalize on its intraday uptick and remained confined in a range around the 0.6900 mark through the early North American session.

Looking at the technical picture, the upside remains capped near a descending trend-line, currently near the 0.6935-40 region, extending from YTD tops. The mentioned barrier should now act as a key pivotal point for short-term traders and is followed by the overnight swing high, around the 0.6975 region.

A convincing breakthrough will be seen as a fresh trigger for bullish traders and set the stage for a move beyond the key 0.7000 psychological mark. The pair might then extend the momentum and aim to retest over 10-month tops, around the 0.7065 region touched last Wednesday, before eventually dating to the 0.7100 mark.

Meanwhile, technical indicators on the daily chart maintained their bullish bias and have also corrected from overbought territory. This supports prospects for a further near-term appreciating move and the emergence of some dip-buying at lower levels. However, neutral oscillators on hourly charts warrant some caution.

On the flip side, the 200-period SMA on the 4-hourly chart, around mid-0.6800s, now seems to protect the immediate downside. Failure to defend the mentioned support might prompt some technical selling and drag the pair towards the 0.6800 mark en-route the 0.6760 region, marking the lower end of a 2-1/2-month-old ascending trend-line.

AUD/USD 4-hourly chart

Technical levels to watch