- AUD/USD eases from upper end of the short-term trading range.
- Upbeat RSI, successful trading above 200-HMA joins bullish chart pattern to favor buyers.
- 0.7715, channel’s resistance line add filters to moves.
AUD/USD refreshes intraday low to 0.7751 in a fresh downswing during Tuesday’s Asian session. In doing so, the Aussie pair steps back from a one-week-old horizontal resistance area.
However, an ascending RSI line and the pair’s ability to stay beyond 200-HMA, coupled with a two-day-long rising channel formation, keep AUD/USD buyers hopeful.
It’s worth noting that multiple lows from last Wednesday offer extra support around 0.7715, in addition to the stated channel’s lower line near 0.7748 and 200-HMA level of 0.7730. Furthermore, the 0.7700 threshold offers an additional check before giving controls to the AUD/USD sellers.
Meanwhile, a clear upside break of 0.7770 immediate hurdle will be challenged by the channel’s upper line of 0.7780. Though, a sustained run-up beyond 0.7780 will not hesitate to aim for the 0.7800 and the multiple stops to the north around 0.7820.
Overall, AUD/USD remains sidelines but bulls keep the driving seat, despite the latest pullback.
AUD/USD hourly chart
Trend: Further recovery expected