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​Technical Analysis: Late-2018 top lures AUDUSD bulls post-200-week SMA

Although AUDUSD recedes the from the yearly high beyond 0.7350, the pair's sustained trading beyond 200-week SMA enables the bulls to attack December 2018 top near 0.7400 during the further upside. However, overbought RSI may restrict the quote's further upside, if not then multiple barriers below 0.7500 may hinder the run-up towards June 2018 peak surrounding 0.7675.

On the downside, a weekly closing below 200-week SMA level of 0.7250 becomes necessary for the sellers to take entries. In doing so, 61.8% Fibonacci retracement level around 0.7130, followed by December 2019 high near 0.7030, will be on their radars. If at all the bears dominate past-0.7030, the 0.7000 round-figures will be the key as a break of which can recall June 2020 low near 0.6775.

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