AUD/USD Price Analysis: Reverses Biden-backed gains from 100-SMA on “sell the fact”

• AUD/USD refreshes intraday low following its U-turn from 0.7801.
• Bullish MACD, sustained trading beyond key support confluence keeps buyers hopeful.
• US President Joe Biden tried to spread optimism but couldn’t offer anything new.

AUD/USD takes offers around intraday low of 0.7769, currently down 0.23% around 0.7773, during the early Friday. In doing so, the quote reverses the early-day pick-up to the week’s top as 100-SMA guards immediate upside.

Also read: AUD/USD pierces 0.7800 as US President Biden lauds covid efforts, promises faster recovery

It should be noted though that the losses are likely to find tough support around 0.7740, comprising 200-SMA and an ascending support line from Tuesday, amid bullish MACD.

If at all the AUD/USD sellers conquer the key support, which is less likely, “double bottoms” around the monthly low of 0.6620 will be in the spotlight.

Meanwhile, the pair’s run-up beyond the 0.7800 needs to cross 50% Fibonacci retracement level of late February to early March downside, close to 0.7815, to recall the AUD/USD buyers.

Also acting as the upside filters is the monthly top surrounding 0.7840 and the 61.8% Fibonacci retracement level near 0.7860.

Overall, AUD/USD remains upbeat but intermediate pullback can’t be ruled out.

AUD/USD four-hour chart

Trend: Bullish