AUD/USD Price Analysis: Stays firmer past 0.6300 inside bullish channel
- AUD/USD renews intraday high while reversing the pullback from two-week top.
- Firmer MACD, RSI joins a sustained bounce off 200-HMA to favor bulls.
- Sellers need validation from 0.6250 to retake control.
AUD/USD picks up bids to refresh intraday high near 0.6330 during Tuesday’s Asian session. In doing so, the Aussie pair extends the previous day’s bounce off the 200-HMA while staying firmer inside a weekly bullish channel.
That said, the AUD/USD pair’s latest run-up aims for the 50% Fibonacci retracement level of October 04-13 downside, near 0.6360.
However, a convergence of the stated channel’s upper line and the 61.8% Fibonacci retracement, also known as the golden ratio, around 0.6410, appears a tough nut to crack for the pair buyers.
Should the quote rises past 0.6410, the 0.6500 round figure may act as a buffer during the anticipated run-up toward the monthly high of 0.6547.
Alternatively, pullback moves need to conquer the 200-HMA support of 0.6288 to convince intraday sellers of the AUD/USD.
Even so, the aforementioned bullish channel can challenge the bears unless the quote stays beyond 0.6250.
Following that, the yearly low of 0.6170 and the April 2020 bottom around 0.5980 will gain the market’s attention.
Overall, AUD/USD remains on the buyer’s radar unless breaking 0.6250. However, the upside room appears limited.
AUD/USD: Hourly 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.
