AUD/USD Price Analysis: 50-DMA probes monthly resistance break on the way to 0.7300

• AUD/USD rebounds from intraday low, prints three-day uptrend.
• MACD teases bulls but 50-DMA, five-month-old resistance line challenge advances.
• Six-week-old horizontal line holds the key to seller’s entry.

AUD/USD picks up bids to 0.7275, up 0.22% intraday during the three-day advances heading into Monday’s European session.

The Aussie pair crossed a downward sloping trend line from early September to refresh a one-week high initially in Asia. However, 50-DMA challenges the bulls of late.

Given the MACD signal line that teases bullish cross, the quote is likely to extend the trend line breakout beyond the immediate moving average hurdle surrounding 0.7315.

Even so, a downward sloping resistance line from May, near 0.7375, becomes the key for AUD/USD upside targeting September’s peak surrounding 0.7480.

Meanwhile, corrective pullback needs to close beyond the stated resistance line close to 0.7270 to redirect the pair moves towards short-term horizontal support near 0.7220.

During the AUD/USD weakness past 0.7220, the latest swing low of 0.7170 and August 20 peak near 0.7155 may challenge the bears targeting the yearly bottom of 0.7105.

Overall, AUD/USD rebound is long due but a clear upside break of 0.7375 becomes necessary.

AUD/USD: Daily chart

Trend: Further recovery expected