AUD/USD Price Analysis: Clears one-week-old resistance line, 100-HMA amid risk-on mood

• AUD/USD probes intraday high while keeping pullback moves from one-month low.
• A falling trend line from October 09 is on the bull’s radars.
• Bears will look for a clear downside break of 0.7050/45 for fresh entries.
• Progress in the US stimulus talks favors trading sentiment.

AUD/USD refreshes intraday high to currently around 0.7080 during early Wednesday. The pair recently crossed a downward sloping trend line from October 14 and 100-HMA amid bullish MACD. Considering the pair’s status as a risk barometer, the recent optimism surrounding the US stimulus package helps the buyers.

Hence, a sustained trading above the previous resistance line, also the key HMA, helps AUD/USD buyers to aim for another descending trend line barrier near 0.7100.

However, a 200-HMA level of 0.7135 could restrict the quote’s further upside past-0.7100.

Meanwhile, a downside break below the previous resistance line, at 0.7070 now, will aim for the immediate support line, currently around 0.7050.

Also challenging the AUD/USD bears is an upward sloping trend line from June, near 0.7045, which holds the gate for additional south-run towards the 0.7000 threshold.

AUD/USD hour chart

Trend: Further upside expected