- AUD/USD remains on the front foot after defying weekly falling channel.
- Bullish MACD signals, firmer RSI adds to the upside bias.
- Latest swing high could test the bulls before directing them to 0.7460.
- 200-SMA, ascending trend line from late January offer extra challenge for sellers.
AUD/USD grinds higher around the weekly top, up 0.35% intraday near 0.7315 during Thursday’s Asian session.
The Aussie pair’s latest gains could be linked to the firmer employment report for February, which in turn propelled the quote to defy a one-week-old descending trend channel formation.
Read: AUD/USD pierces 0.7300 on upbeat Australia Employment, Ukraine-led risk-on mood
The channel break also gains support from the upbeat MACD and RSI to direct AUD/USD buyers towards the latest swing high of 0.7370.
However, the RSI line might turn overbought following the 0.7370, if not then the monthly high of 0.7441 and 61.8% Fibonacci Expansion of January-March moves, near 0.7460-65, will challenge the pair’s advances.
On the contrary, pullback moves remain elusive beyond the upper line of the aforementioned channel, close to 0.7290.
Following that, the 200-SMA and the seven-week-old rising support line, respectively near 0.7210 and 0.7190, will challenge AUD/USD bears.
AUD/USD: Four-hour chart
Trend: Further upside expected
