Repeats bounce off 50-day SMA as bulls eye 0.7700

AUD/USD probes intraday high while extending bounce off 50-day SMA.
Bearish MACD, lower high raise doubts on recovery moves.
100-day SMA adds to the downside filter, monthly resistance line becomes the key hurdle.

AUD/USD refreshes intraday high to 0.7662, currently up 0.25% near 0.7660, while heading into Monday’s European session. The quote regains upside momentum following its bounce off 50-day SMA. In doing so, the quote battles a downward sloping trend line from the last Wednesday.

Considering the bearish MACD signals and lower high formation, AUD/USD sellers can stay hopeful unless clearing the immediate resistance line, at 0.7675 now.

Even if the quote rises past-0.7675, the 0.7700 threshold and a descending trend line from January 06, currently around 0.7770, will challenge the AUD/USD bulls.

Meanwhile, a downside break of 50-day SMA, at 0.7600 now, will direct the AUD/USD bears towards the late-December low near 0.7460 and the 0.7400 round-figure during the further weakness.

It should, however, be noted that the 100-day SMA level of 0.7389 will challenge the traders targeting the early November 2020 tops near 0.7340.

AUD/USD daily chart

Trend: Pullback expected