AUD/USD Price Analysis: Recovery remains elusive below 0.7350

• AUD/USD pares intraday losses with a bounce off fortnight-old support.
• Receding bearish bias of MACD, 200-HMA adds strength to the rebound.
• Two-day-long descending trend line guards nearby upside, previous support line from February 25 appears the key hurdle.

AUD/USD picks up bids to consolidate daily losses around 0.7320, down 0.10% intraday during Thursday’s Asian session.

In doing so, the Aussie pair portrays a U-turn from an upward sloping support line from February 24 and the 200-HMA. Also favoring the recovery movement is the recent recovery in the MACD line.

As a result, AUD/USD upside is likely to extend towards a descending resistance line from Tuesday, near 0.7335.

However, the support-turned-resistance from February 25, near 0.7350, will challenge the pair’s further advances, a break of which will give a free hand to the AUD/USD buyers to aim for the monthly high near 0.7440.

On the flip side, the 200-HMA and aforementioned rising support line, respectively around 0.7300 and 0.7285, will test the AUD/USD bears.

Following that, the weekly bottom around 0.7245 and 61.8% Fibonacci retracement of February 24 to March 07 upside, close to 0.7225, will act as the last defenses for the pair buyers.

AUD/USD: Hourly chart

Trend: Pullback expected