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Technical Analysis: 200-day EMA limits AUDUSD pullback from March high

Despite stepping back from the 11-week top during early Wednesday, AUDUSD stays above 200-day EMA while trading around 0.6645. As a result, the bulls remain hopeful inside an ascending channel formation stretched from April 21. That said, the March month top of 0.6685 could gain buyers' attention during the fresh run-up ahead of the pattern's resistance line, at 0.6725 now. If at all the Aussie prices defy the bullish chart formation, February month's high near 0.6775 will be in focus.

On the contrary, the pair's daily closing below a 200-day EMA level of 0.6620 can recall 0.6500. However, the bears remain offbeat unless the quote slips below 0.6455/50 support confluence including the channel's lower line and 61.8% Fibonacci retracement. Should there be a clear downside past-0.6450, the monthly bottom of 0.6372 could lure the bears.

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