AUD/USD Price Analysis: Grinds higher past 0.7500 as 50-HMA defends bulls

• AUD/USD remains mildly bid around five-month high, sidelined of late.
• Three-day-old ascending trend line adds to the immediate downside filters ahead of the key HMAs.
• Two-week-long resistance line, October 2021 peak restricts short-term advances.
• Firmer RSI, successful trading above key technical indicators keep buyers hopeful.

AUD/USD bounces off 50-HMA to defend buyers above the 0.7500 threshold during Monday’s Asian session. That said, the Aussie pair prints mild gains around 0.7520 by the press time.

In addition to the rebound from the 50-HMA, firmer RSI conditions and an upward sloping support line from the last Wednesday also keeps AUD/USD buyers hopeful.

However, an upward sloping resistance line from March 10 and October 2021 high, respectively around 0.7545 and 0.7560 appear tough nuts to crack for the pair buyers.

In a case where AUD/USD rises past 0.7560, the run-up towards the 0.7600 and late June 2021 swing high near 0.7620 will be in focus.

Alternatively, 50-HMA and the aforementioned support line, respectively around 0.7505 and 0.7500, restricts the short-term downside of the pair. Also acting as immediate support is the 100-HMA level of 0.7480.

It should be noted, though, that a clear break of the 100-HMA will make the pair vulnerable to decline towards the 200-HMA level surrounding 0.7410.

AUD/USD: Hourly chart

Trend: Further upside expected