AUD/USD technical analysis: 4-week old resistance-line limits immediate upside

• Improving fundamentals and RSI increase favor buyers.
• Near-term trend-line resistance questions upside ahead of RBA minutes.

Even if recent positives portray an upbeat scenario for the AUD/USD pair, a downward sloping trend-line since April 18 is still unbroken as the quote seesaws near 0.6925 ahead of the RBA minutes on early Tuesday.

Should the pair manage to clear 0.6940 resistance-line, it can rise further towards 0.6965 and 0.7000 numbers to the north while 50% Fibonacci retracement of its April – May decline, near 0.7035, could question buyers afterward.

In a case where prices cross 0.7035 upside hurdle, 0.7060, 0.7080 and 0.7100 might entertain the bulls.

It should also be noted that the 14-bar relative strength index (RSI) gradually rises and indicates further recovery.

If the quote fails to hold the latest strength, 0.6900 could be considered as immediate support ahead of watching over the current month low at 0.6862.

Moreover, the pair’s extended downturn under 0.6862 can recall January bottom of 0.6830 on the chart.

AUD/USD 4-Hour chart

Trend: Pullback expected