- AUD/USD probes intraday high while keeping the bounce off short-term key EMA.
- Normal RSI conditions favor gradual upside, a 10-week-old support line adds to the downside barriers.
- 0.7200 offers immediate resistances, bumpy road for the bulls.
AUD/USD takes the bids near 0.7175, intraday high of 0.7178, amid the initial Monday’s trading. The aussie pair remains beyond 21-day EMA ever since it crossed the key EMA in early April.
The pair’s latest recovery gains support from normal RSI conditions and an ascending trend line from mid-June to keep the buyers hopeful. However, multiple upside barriers challenge the bulls.
Among them, the 0.7200 threshold becomes the first one to question the pair’s immediate upside, a break of which will highlight August 07 top near 0.7240/45.
During the quote’s rise past-0.7245, the monthly high, also the highest since January 2019, near 0.7280, followed by the previous year’s peak of 0.7296 will be in the spotlight.
On the contrary, the pair’s declines below 21-day EMA level of 0.7153 will have to break the short-term support line, at 0.7115 now, to challenge the monthly bottom surrounding 0.7075.
AUDUSD daily chart
Trend: Bullish
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