AUD/USD Price Analysis: Bulls cheer ‘golden cross’ to approach fortnight-old resistance near 0.6765
|- AUD/USD picks up bids to refresh intraday high after confirming a bullish moving average crossover.
- Two-week-long downward-sloping resistance line challenges short-term upside moves.
- MACD signals suggest further upside, rising trend line from December 16 adds to the upside filters.
AUD/USD renews intraday high around 0.6755 while reversing the previous day’s pullback from the two-week top amid the initial European session on Wednesday.
In doing so, the Aussie pair justifies the bullish moving average crossover amid sluggish days of trading due to the year-end holiday mood in the West.
That said, the 50-HMA pierced the 200-HMA from below and portrayed the “Golden Cross” the previous day. The MACD also justifies the bullish signals from the Hourly Moving Averages (HMAs).
As a result, the quote is up for challenging a two-week-old resistance line near 0.6765. However, another trend line resistance from December 16, close to 0.6780, adds filters to the AUD/USD upside.
In a case where the Aussie pair remains firmer past 0.6780, the 0.6800 round figure and 0.6820 hurdle may probe the bulls before directing them towards the monthly high near 0.6895.
On the flip side, the 50-HMA level near 0.6730 restricts short-term AUD/USD downside ahead of the 200-HMA support, close to 0.6715 at the latest.
Following that, an ascending trend line from the last Tuesday, near 0.6680 by the press time, could act as the last defense of the AUD/USD bulls, a break of which could quickly drag the quote towards the monthly low surrounding 0.6630.
AUD/USD: Hourly chart
Trend: Limited upside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.