In a bearish chart pattern, the AUD/USD maintains an early Asian bounce off the 200-HMA.
With positive MACD conditions and the potential to stay above the major moving average, the stock is poised for more upside.
To renew the annual low, sellers must confirm a bearish wedge breakdown.
As European traders prepare for Tuesday’s trading, the AUD/USD maintains its day-start gains around 0.7500, up 0.26 percent intraday. On an hourly basis, the Aussie pair remains above the 200-HMA while remaining within the bearish chart pattern of a rising wedge.
AUD/USD prices are anticipated to defy the bearish chart pattern, with an upside breach of the immediate resistance line near 0.7505, given the quote’s continuous trading above 200-HMA and bullish MACD signals.
Following that, the bulls may be enticed by last Wednesday’s high near 0.7535 and the monthly high near the 0.7600 round figure.
However, if the pair fails to hold above 0.7488 HMA support, backed by confirmation of a rising wedge bearish chart pattern via a fall breach of 0.7470, the yearly bottom around 0.7410 would be refreshed.
It’s worth noting that August-September 2020 highs around 0.7415, together with the 0.7400 psychological magnet, add downside filters.
Expect more gains in the future./n
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