AUD/USD Price Analysis: 50-day EMA probes bulls above 0.7300

• AUD/USD stays mildly bid around monthly high following two-week uptrend.
• Bullish MACD suggests further upside, five-month-old resistance line challenges the buyers.

AUD/USD bulls face rejection around 0.7320, up 0.13% intraday heading into Monday’s European session. In doing so, the Aussie pair remains firmer around the one-month high, flashed on Friday, while battling the 50-day EMA.

Considering the bullish MACD signals, coupled with the recent higher low bullish formation, the quote may remain firmer and can cross the immediate upside hurdle surrounding 0.7325.

However, a downward sloping trend line from May 10, near 0.7350, becomes a tough nut to crack for the AUD/USD bulls afterward, a break of which will direct the prices towards September’s high around 0.7480.

Meanwhile, failures to provide a daily closing beyond the 50-day EMA level of 0.7324 may keep teasing the pair sellers for return.

In doing so, a six-week-old horizontal area and an ascending support line from August 20, respectively near 0.7220 and 0.7190, will be in the spotlight.

Overall, AUD/USD bulls seek re-entry but need validation from 0.7350.

AUD/USD: Daily chart

Trend: Further upside expected