Technical Analysis: AUDUSD battles with 50-SMA inside monthly falling wedge
AUDUSD rebound remains capped below 50-SMA, the hurdle that guards the upside momentum for the last one week, inside a monthly falling wedge bullish chart pattern. Although steady RSI and sluggish MACD probes the pair traders, receding reflation fears following the Fed Chair Powell’s testimony seem to keep the pair buyers hopeful. Additionally, the Aussie jobs report and mostly upbeat prints of China data dump also signal the quote’s upside moves towards 0.7540 resistance on the break of 50-SMA near 0.7480. However, the 0.7500 threshold can act as an intermediate whereas a clear run-up beyond 0.7540 will confirm the bullish chart formation to cross the 0.7600 hurdle.
Meanwhile, pullback moves may seesaws around 0.7450 and 0.7430 before recalling the 0.7400 round figure to the chart. It’s worth noting that the quote’s weakness past 0.7400 will be tested by the wedge’s support line near 0.7390. Should the AUDUSD bears keep reins below 0.7390 October 2020 top near 0.7240 will be in the spotlight.