AUD/USD Price Analysis: Bulls can ignore pullback towards resistance-turned-support
- AUD/USD remains on the back foot around intraday low, down for the first time in four days.
- Previous support line, MACD conditions keep buyers hopeful to cross 50-DMA.
- Bears have a bumpy road to the south before hitting 0.6930 support.
AUD/USD refreshes daily bottom around 0.7120 while snapping three-day uptrend during the late Asian session on Thursday.
In doing so, the Aussie pair extends pullback from the 50-DMA towards the previous resistance line from January 13, around 0.7100 at the latest.
However, the MACD line teases bulls as they keep reins past resistance-turned-support, which in turn hint at the quote’s bounce off 0.7100 towards the 50-DMA level of 0.7165.
Adding to the upside filter is the September 2021 low near 0.7170, a break of which will direct AUD/USD bulls towards 0.7280 and the last month’s peak surrounding 0.7315.
On the flip side, a clear break of 0.7100 will aim for the December 2021 low of 0.6993 and the current year's bottom close to 0.6965.
Though, a downward sloping trend line from August near 0.6930 will challenge AUD/USD bears afterward.
AUD/USD: Daily chart
Trend: Recovery expected