AUD/USD Price Analysis: Multiple supports direct bulls towards 0.7300

• AUD/USD buyers attack intraday high, stays past key supports.
• Confluence of 100-HMA, weekly support line initially challenges sellers.
• 0.7340/45 region comprising the monthly high becomes the key upside hurdle.

AUD/USD refreshes the day’s high, currently around 0.7292, up 0.15% intraday, during the early Wednesday. In doing so, the Aussie pair extends Tuesday’s bounce off a joint of 100-HMA and an ascending trend line from last Wednesday the previous day.

The said HMA presently stays near an upward sloping trend line from November 02, around 0.7263, to restrict the pair’s immediate downside ahead of the one-week-old support line, at 0.7254 now.

Other than the stated support lines, the 0.7200 round-figure and 200-HMA near 0.7170 also probes the AUD/USD sellers amid an absence of bearish MACD.

The same help AUD/USD bulls to aim for the 0.7300 as a nearby target ahead of challenging the monthly peak surrounding 0.7340.

However, a horizontal zone comprising August-end low and highs marked afterward, around 0.7340/45, holds the key to the quote’s further upside towards the yearly top beyond the 0.7400 psychological magnet.

AUD/USD hourly chart

Trend: Further recovery expected