AUD/USD Price Analysis: Further upside hinges on 0.7220 breakout

• AUD/USD grinds higher around weekly top during four-day uptrend.
• Bullish MACD, sustained break of the key SMAs favor buyers, previous support from early December tests immediate upside.
• Weekly ascending trend line adds to the downside filters.

AUD/USD seesaws around 0.7215-20 after refreshing weekly top during the early Asian session on Wednesday. Even so, the Aussie pair stays on the bull’s radar as traders await US inflation data heading into the European session.

Successful trading beyond 50-SMA and 100-SMA joins bullish MACD signals to keep buyers hopeful.

However, the support-turned-resistance line from December, near 0.7220, challenges the quote’s immediate upside.

Should the AUD/USD prices cross the nearby resistance line, a weekly descending trend line near 0.7260 and the monthly high of 0.7278 can probe the further advances.

Meanwhile, pullback moves remain less worrisome until staying beyond the 50-SMA level surrounding 0.7220.

Following that, a pullback towards an upward sloping trend line from Friday, near 0.7160, will be in focus.

If at all the AUD/USD prices drop below 0.7160, the odds of witnessing the 0.7100 round figure on the chart can’t be ruled out.

AUD/USD: Four-hour chart

Trend: Further upside expected