AUD/USD Price Analysis: Bulls attack fortnight-old resistance around 0.7150

• AUD/USD eases from intraday high but braces for biggest weekly gains in two months.
• Receding bullish bias of MACD, immediate resistance line tests bulls.
• 200-SMA adds to the upside filters, sellers need validation from 50-SMA.

AUD/USD struggles to extend recent gains, retreats from daily tops around 0.7150 heading into European session on Friday.

Even so, the risk barometer pair remains on the way to post the biggest weekly run-up since early December 2021.

A downward sloping trend line from January 23 restricts immediate AUD/USD upside around 0.7155 as the MACD line eases inside the bullish territory, suggesting the buyer’s easing strength.

However, the 50-SMA level near 0.7095 puts a floor under the prices ahead of 23.6% Fibonacci retracement (Fibo.) of January 13-28 downside, near 0.7048.

Meanwhile, the quote’s weakness past 0.7048 will take a stop around the 0.7000 psychological magnet before directing the quote towards January’s bottom of 0.6966.

Alternatively, a clear upside break of 0.7155 hurdle will aim for the 61.8% Fibo. level near 0.7180. Though, the AUD/USD bulls will need validation from the 200-SMA level surrounding 0.7185-90, to keep reins afterward.

Overall, AUD/USD may witness a pullback but the bears require caution before taking fresh entries.

AUD/USD: Four-hour chart

Trend: Pullback expected