- AUD / USD continues to rise at the start of the European session.
- The descending trend line from April 7 challenges the bulls.
- A positive MACD leans in favor of the bullish momentum.
AUD / USD extends the gains of the day before the start of the European session on Wednesday. The pair continues with a firm tone and reaches daily highs around the e 0.7670 region.
On the four-hour chart, the AUD / USD has been moving against a positive background. However, the pair faces a challenge near a downward sloping line extended from the April 7 highs near 0.7670. Price is comfortably above the 50 SMA with a bullish candle.
Looking to the upside, the first hurdle is around the round 0.7700 level. Higher up, the pair could target the March 22 high near 0.7760.
Furthermore, the MACD indicator is moving with constant upward momentum, which means that the bulls have the ability to extend the move to the horizontal resistance zone of 0.7780.
On the other hand, prices could pull back towards the 50 hourly SMA, now at 0.7630. Lower down, the bears could retest the multi-day lows near the round 0.7600 level. A sustained move below the mentioned level would target March 25 lows near 0.7560.
AUD / USD 4-hour chart
AUD / USD additional levels
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