AUD/USD Price Analysis: Retreats towards 0.6800 inside monthly bullish channel
- AUD/USD consolidates the biggest daily gains in two weeks at a six-month high.
- One-month-old ascending trend channel defends AUD/USD buyers.
- 100-SMA offers immediate support, September’s peak could test the bulls.
AUD/USD takes offers to refresh the intraday low near 0.6830-25 as it pares the biggest daily gains in two weeks, marked the previous day, during early Wednesday. In doing so, the Aussie pair reverses from a resistance line of the one-month-long bullish channel.
Even so, bullish MACD signals challenge the AUD/USD bears as they approach Friday’s swing high near 0.6815.
Following that, the 100-bar Simple Moving Average (SMA) near 0.6745 could restrict the Aussie pair’s further downside before highlighting the stated channel’s lower line, close to the 0.6700 round figure by the press time.
Even if the AUD/USD pair breaks the 0.6700 support, the 200-SMA level and an upward-sloping support line from October 13, respectively near 0.6645 and 0.6670, could restrict the quote’s further downside.
Meanwhile, recovery moves could aim for the aforementioned bullish channel’s top line, close to 0.6885 at the latest.
In a case where the AUD/USD bulls keep the reins past 0.6885, September’s high near 0.6915 could challenge further upsides of the Aussie pair.
Overall, AUD/USD stays on the bull’s radar despite the latest pullback from a multi-day high.
AUD/USD: Four-hour chart
Trend: Limited downside expected