AUD/USD technical analysis: 4H 50MA caps immediate upside

• Near-term moving average limits the pair’s recovery towards the key MA confluence.
• RSI also portray less support for additional upside.

Despite its gradual recoveries from 0.6831, the AUD/USD pair is still to cross 50-bar moving average as it trades near 0.6895 amid initial Asian session on Thursday.

On the break of 0.6906 figure comprising 50-bar moving average on the 4-hour chart (4H 50MA), the pair can rush towards confronting 0.6931/33 resistance-confluence that includes 100 and 200 moving averages (MAs).

During the quote’s additional upside past-0.6933, 38.2% Fibonacci retracement level of mid-April to early-June decline, at 0.6975, followed by 9-week old descending trend-line around 0.6979/80, seems key resistances to watch.

Meanwhile, 0.6860 and 0.6830 act as nearby supports for the pair ahead of shifting the spotlight to 0.6800 round-figure.

It should also be noted that 14-bar relative strength index (RSI) is gradually rising towards the overbought territory and might compress further upside.

AUD/USD 4-Hour chart

Trend: Pullback expected