AUD/USD Price Analysis: All set to challenge monthly top near 0.6800
- AUD/USD picks up bids to refresh weekly high during three-day uptrend.
- A successful break of 50-SMA, one-week-old descending trend line favor buyers.
- Monthly support line, 61.8% Fibonacci Expansion level act as additional trading filters.
AUD/USD takes the bids to renew weekly top around 0.6755 during early Thursday as buyers cheer a three-day uptrend.
In doing so, the Aussie pair cheers the previous day’s upside break of the 50-SMA and a downward-sloping trend line from November 17, respectively near 0.6690 and 0.6620.
Also keeping the pair buyers hopeful is the sustained trading beyond the previous resistance line from late October, as well as the 200-SMA, amid the bullish MACD signals.
That said, the AUD/USD buyers are well-positioned to challenge the monthly high of 0.6792 with eyes on 0.6800.
Following that, the 61.8% Fibonacci Expansion (FE) level surrounding 0.6840 could entertain the bulls before directing them to September’s peak of 0.6916.
Meanwhile, AUD/USD pullback remains elusive unless the quote provides a decisive break below the 50-SMA and the previous resistance line, close to 0.6690 and 0.6620 in that order.
Even so, a one-month-old ascending trend line near 0.6585 can challenge the AUD/USD bears.
In a case where the quote remains bearish past 0.6585, the odds of witnessing a south-run towards the 200-SMA level of 0.6455 can’t be ruled out.
AUD/USD: Four-hour chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
