AUD/USD Price Analysis: Grinds higher past 100-HMA but 0.6670 prods Aussie buyers
- AUD/USD seesaws around intraday high, struggles to defend three-day winning streak within immediate rising trend channel.
- Clear bounce off 100-HMA lures Aussie buyers despite channel’s top line, 200-HMA prod further upside.
- Bearish consolidation in play, fundamental clues eyed for clear directions ahead of RBA.
AUD/USD bulls struggle around the intraday high of near 0.6665-70 as a short-term key upside hurdle prods the risk-barometer pair’s three-day winning streak amid early Monday in Europe. In doing so, the Aussie pair justifies the trader’s anxiety ahead of Tuesday’s Reserve Bank of Australia (RBA) Interest Rate Decision.
That said, the AUD/USD pair’s latest run-up could be linked to its ability to recover from the 100-Hour Moving Average (HMA). Adding strength to the upside bias is the quote’s sustained break of a downward-sloping resistance line from June 16, now support near 0.6620.
However, an upward-sloping trend channel since the last Wednesday, currently between 0.6670 and 0.6615, restricts the quote’s immediate upside.
It’s worth noting that the major currency pair’s run-up beyond 0.6670 needs validation from the 200-HMA hurdle of around 0.6690, as well as the 0.6700 round figure, to convince the AUD/USD bulls.
Even so, the previous weekly high of 0.6720 can challenge the pair ahead of directing the run-up toward the 0.6800 round figure and then to the last monthly peak of near 0.6820.
Meanwhile, the 100-HMA and the previous resistance line, respectively near 0.6645 and 0.6620, restrict the short-term downside of the AUD/USD pair.
Following that, the stated channel’s bottom line and the monthly low, close to 0.6615 and 0.6595 in that order, will act as the final defense of the Aussie pair bears.
AUD/USD: Hourly chart
Trend: Limited upside expected