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17 Nov 2020

AUD/USD Price Analysis: Up for a bumpy road above 0.7300

  • AUD/USD stays positive above 50-bar SMA, monthly support line.
  • Overbought RSI conditions, nearness to key resistances challenge bulls.

AUD/USD keeps mild gains above 0.7300, currently around 0.7322, during early Tuesday.

The pair’s sustained trading beyond 50-bar SMA and an upward sloping trend line from November 02 takes clues from bullish MACD to suggest further upside. However, overbought RSI conditions indicate pullback from important resistance levels.

Among them, the monthly high of 0.7340, marked on November 09, could become the first one to hinder the short-term buyers ahead of directing them to more than a three-week-old resistance line, near 0.7370 now.

In a case where the AUD/USD bulls ignore RSI conditions, also overcome the key resistances stated above, the 0.7400 round-figures and the yearly top surrounding 0.7440 will be in the spotlight.

Alternatively, a downside break of 0.7270/75 support confluence, comprising the stated SMA and a fortnight-long rising trend line, will have to slip beneath a short-term horizontal area around 0.7240/45 to recall the bears.

Overall, the gradual upside momentum is likely to continue, though with a few corrective pullbacks.

AUD/USD four-hour chart

Trend: Bullish

 

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