AUD/USD Price Analysis: Pullback moves eye 0.7200 on Doji near monthly hurdle

• AUD/USD retreats from a fortnight high, tests bulls during three-day uptrend.
• Bearish candlestick near the five-week-old descending trend line keeps sellers hopeful.
• 200-SMA, ascending trend line from January 28 appears a tough nut to crack for the bulls.

AUD/USD bulls take a breather at weekly top, up 0.10% near 0.7225 during early Wednesday morning in Europe.

In doing so, the Aussie pair justifies the bearish Doji formation at the descending resistance line from January 20. Also favoring sellers is the steady RSI.

The latest pullback, however, has a limited downside as a one-week-old support line challenges the immediate declines around 0.7190.

Following that, a convergence of the 200-SMA and monthly rising trend line will offer strong support to the AUD/USD bears around 0.7160, a break of which won’t hesitate to recall the 0.7100 levels on the chart.

Alternatively, recovery moves need to provide a clear upside break of the stated resistance line near 0.7235-40.

Even if the pair remains firmer around 0.7240, a monthly high of 0.7250 and late January’s peak of 0.7277 will test the AUD/USD bulls before giving them controls.

AUD/USD: Four-hour chart

Trend: Pullback expected