AUDUSD is climbing higher above the mid-Bollinger band at 0.7145 after rebounding at a 13-month low 0.6992, reached on December 3. That said, the gliding simple moving averages (SMAs) are defending the matured decline from the more than three-year high of 0.8006.
The short-term oscillators are revealing waning in negative momentum as buying interest bolsters. The MACD, in the bearish region, is distancing itself above its red trigger line, while the RSI is nudging above the 50 threshold. Furthermore, the stochastic oscillator has regained a positive charge, endorsing bullish forces in the pair.
If buyers remain in control, resistance could originate from the nearby 0.7225 barrier. Slightly higher, the approaching upper Bollinger band and the adjacent resistance zone between the 0.7276 obstacle and the 100-day SMA at 0.7309 may halt further advances from unfolding. However, if the price overshoots this barricade, the bulls may then seek out the 0.7370 high before tackling the reinforced border of 0.7431-0.7479.
On the other hand, if buying forces abate, downside friction could begin at the neighbouring mid-Bollinger band at 0.7145 ahead of the 0.7089 low. Another leg down, the price may revisit the crucial 0.6963-0.7020 support base, which has acted as an upside defence since September of 2020. Should this foundation break down, the price may sink towards the 0.6806 and 0.6776 troughs from June 2020 before eyeing the 0.6685 barrier.
Summarizing, AUDUSD is exhibiting a growing positive tone. That said, for the upside trajectory to endure, the price would firstly need to overcome the 50- and 100-day SMAs. Moreover, for the bullish bias to gain the upper hand, the price would have to pilot above the 0.7555 high. Yet, a dive below the 0.6963-0.7020 section, could reinforce negative tendencies.
