Technical Analysis – AUDUSD rises in ascending channel; bullish bias

AUDUSD is moving within the Ichimoku cloud and the short-term simple moving averages (SMAs), while in the bigger picture the price has been in an ascending channel since December 2021. The MACD oscillator is flattening around its trigger and zero lines, unable to improve the bullish bias. However, the RSI indicator is sloping upwards in the positive region.

If the price gains more ground, immediate resistance could come from the 0.7310 barrier and the 0.7367 resistance. Above these obstacles, the 200-day SMA at 0.7410 could attract traders’ attention ahead of the high of 0.7560, registered in October 2020.

Alternatively, a drop below the Ichimoku cloud could meet the 0.7130 support, which holds near the return line of the channel before hitting the 0.7100 psychological number. Steeper decreases may send the sellers until the 13-month low of 0.6990.

All in all, AUDUSD is in a positive bias and only a dive below the upward sloping channel and more importantly below the 13-month low will endorse the long-term bearish view again.

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