AUD/USD Price Analysis: Support-turned-resistance guards immediate upside around 0.7200

• AUD/USD picks up bids to refresh intraday high, consolidates biggest daily loss in a month.
• One-month-old previous support tests rebound from 21-DMA, horizontal area from mid-December adds to the downside filter.
• 100-DMA holds the key to further upside, MACD conditions signal pullback.

AUD/USD pokes 0.7200 while paring the biggest daily fall in a month during early Friday morning in Europe.

The quote dropped to the lowest levels in a week the previous day before bouncing off a 10-week-old horizontal support zone, around 0.7087-92.

In doing so, the AUD/USD prices battle the previous support line from late January, around 0.7200, by keeping the latest U-turn from the 21-DMA.

It should be noted, however, the receding bullish bias of the MACD joins the pair’s repeated failures to cross the 100-DMA level surrounding 0.7240 to keep AUD/USD buyers hopeful.

Meanwhile, a daily closing below the 21-DMA level of 0.7150 will direct bears towards the aforementioned horizontal area near 0.7092-87 before highlighting the 0.7000 threshold for the AUD/USD sellers.

Though, AUD/USD pair’s weakness past-0.7000 will be tough as December 2021 low near 0.6990 and January’s low of 0.6966 will be tough nuts for pair bears to crack afterward.

AUD/USD: Daily chart

Trend: Pullback expected