Technical Analysis: AUDUSD bulls battle key upside hurdle with diminishing strength
AUDUSD keeps its bounce off 100-day EMA, not to forget a one-month-old ascending trend line, amid normal RSI conditions. However, a confluence of 21-day and 50-day EMA, followed by a descending resistance line from September 16, bars the bulls' entry. The MACD conditions also defend the barriers to the north, which in turn keeps sellers hopeful. As a result, a riskier trade of targeting 0.7080 could flash on the bears' minds with 0.7170 being the strict stop-loss. Though, any more downside past-0.7080 will be challenged by the 100-day EMA level and the aforementioned support line, respectively around 0.7065 and 0.7050. If at all the AUDUSD prices drop below 0.7050, the 0.7000 psychological magnet will have the market's attention.
Meanwhile, an upside clearance of 0.7170 can initially target the 0.7200 round-figure ahead of highlighting the monthly top surrounding 0.7245. During the quote's further rise beyond 0.7245, 0.7340/45 area, comprising the mid-September high and August-end low, holds the gate for the extended rally towards the previous month's peak near 0.7415.