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Title: AUD/USD Price Analysis: 50-DMA defends bulls around 0.7000

August 01, 2022 12:46 AM ET

By: AnalysisWatch

Even as bulls struggle to reclaim their one-month high early Monday morning in Europe, AUD/USD remains firmer around 0.6980-90, with the Aussie pair fluctuating between the 50-DMA and a descending resistance line from April 21.

Given the bullish MACD signals and firmer RSI (14), which is not overbought, and successful trading above a descending resistance line from early April, which is now supporting at 0.6920, the AUD/USD pair should continue to rise.

However, for the bulls to take the reins, the pair needs to close above the aforementioned resistance line on a daily basis, which was near 0.7015 at the time of writing.

Following this, the pair is expected to rise towards the mid-June swing high at 0.7070 and then to the June monthly high at around 0.7285.

On the other hand, the 50-DMA and the resistance line, which has turned into a support line, at 0.6970 and 0.6920, respectively, limit the short-term downward movement of AUD/USD.

In the event the pair remains weak beyond 0.6920, the lows marked in June and May at 0.6850 and 0.6830, in that order, are significant for the sellers of the pai

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