AUD/USD Price Analysis: Bulls need to wait for a sustained strength beyond 0.6900 mark

• AUD/USD rebounds swiftly from a multi-month-old ascending trend-channel support.
• A sustained move beyond 0.6900 mark needed to confirm a near-term bullish outlook.

The AUD/USD pair staged a goodish intraday bounce from the 0.6800 neighbourhood, support marked by the lower end of a near three-month-old ascending trend-channel.

Bulls might now wait for a sustained move beyond a short-term descending trend-line resistance, extending from YTD tops. A convincing breakthrough the mentioned barrier around the 0.6900 mark might be seen as a key trigger for bullish traders and set the stage for a further near-term appreciating move for the major.

Meanwhile, technical indicators on the daily chart – though have corrected significantly from higher levels – maintained their bullish bias. This coupled with the fact that oscillators on hourly charts have again started moving into the positive territory supports prospects for a further intraday appreciating move.

The pair might then aim back towards reclaiming the key 0.7000 psychological mark with some intermediate resistance near the 0.6960-65 region. The upward trajectory could further get extended towards multi-month tops, around the 0.7065 region set on June 10, before bulls eventually lift the pair towards the 0.7100 mark.

On the flip side, the mentioned trend-channel support, around the 0.6810-0.6800 region, might continue to act as strong support. Failure to defend the mentioned level might turn the pair vulnerable to break below the 0.6700 mark and accelerate the fall towards the very important 200-day SMA, around the 0.6665-60 region.

Technical levels to watch