Technical Analysis: AUDUSD probes yearly resistance line on vaccine hopes

Technical Analysis: AUDUSD probes yearly resistance line on vaccine hopes

With the hopes of the coronavirus (COVID-19) vaccine getting bolstered by the US FDA panel, coupled with the record high of Australia's key exports, namely iron ore, AUDUSD is near the highest in 30 months during Friday. However, overbought RSI conditions suggest pullback in the quote from an ascending trend line from December 29, 2019, at 0.7585 now. In a case where the Aussie bulls remain dominant past-0.7585, the 0.7600 round-figure adds to the upside filters ahead of propelling the AUDUSD prices towards the June 2018 peak surrounding 0.7675.

Meanwhile, even short-term sellers will refrain from entries until AUDUSD trades above a horizontal area including multiple levels marked since December 2017, around 0.7500-0.7480. Following that, the August peak near 0.7410 will be the key as any further downside can recall the January 2019 top close to 0.7300. Overall, the fundamentals are positive to the pair's upside momentum, though a pullback can't be ruled out.

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