AUD/USD Price Analysis: Bulls brace for 0.7530 at highest levels since July

• AUD/USD refreshes multi-day top on crossing the key resistance zone.
• Horizontal area from April lures the buyers but RSI conditions become a challenge.
• Convergence of 100-DMA, monthly support line restricts short-term downside.

AUD/USD takes the bids around 0.7485, up 0.15% intraday to poke the highest levels since July 13 during early Wednesday.

Following its failure to provide a daily closing beyond a four-month-old horizontal resistance, the Aussie currency pair again pierces the key hurdle to the north surrounding 0.7480-85.

It should be noted, however, that the RSI conditions pose a serious threat to the pair’s further advances should it fail to cross the 0.7485 mark on a day’s close.

In a case where the AUD/USD bulls manage to cross the 0.7485 resistance, an area including multiple levels marked since early April, near 0.7530 will be on their radars ahead of the 200-DMA level of 0.7566.

Alternatively, pullback moves remain less worrisome until staying beyond the 0.7400 threshold comprising 100-DMA and a three-week-long rising support line.

Overall, AUD/USD remains in the uptrend but the bulls seemed to have tired of late.

AUD/USD: Daily chart

Trend: Further upside expected