AUD/USD Price Analysis: Sellers attack immediate support line below 0.7800

• AUD/USD extends the previous day’s pullback from one-week top, stays offered around intraday low.
• Ascending trend line from last Thursday restricts short-term declines.
• One-week-old horizontal area, confluence of 100 and 200-HMA add to the downside filters.
• Bulls can target March’s top on the break of 0.7820.

AUD/USD takes offers around intraday low of 0.7785, down 0.13% around 0.7789 by the press time of early Tuesday. In doing so, the aussie pair justifies Monday’s U-turn from the monthly top as sellers jostle with an immediate support line.

Although descending Momentum line suggests a downside break of 0.7785 nearby support, a horizontal area around 0.7765 and confluence of the key moving averages close to 0.7750-45 will be tough challenges for AUD/USD sellers.

If at all the quote drops below 0.7745, the 0.7700 threshold and the previous week’s bottom close to 0.7690 will be important supports to watch.

Alternatively, an upside break of 0.7820 may not hesitate to back the bulls targeting March tops surrounding 0.7850. Though, 0.7838 may offer an intermediate halt during the rally.

Overall, AUD/USD is on the upward trajectory but the odds of a pullback can’t be ruled out.

AUD/USD hourly chart

Trend: Pullback expected