AUD/USD Price Analysis: Looks to find the trendline support around 0.7150

• AUD/USD is likely to juggle in a range of 0.7150-0.7220 further.
• The 50 EMA is scaling above 200 EMA, which adds to the upside filters.
• The lower trendline placed from 0.7051 will continue to provide ground to the major.

The AUD/USD pair is looking to consolidate in a range of 0.7150-0.7220 for the upcoming trading sessions. On Monday, the major opened with a bearing opening gap around 0.7161 amid sour market sentiment.

On an hourly scale, AUD/USD has sensed support multiple times near the trendline placed from February 04 low of 0.7051, pegged at 0.7150. The major is scaling higher after finding pullbacks near the trendline placed. The 50-period and 200-period Exponential Moving Averages (EMA) have turned flat, which shows a lackluster activity going forward while the former one is above the latter, which shows that a bullish bias is still intact.

The Relative Strength Index (RSI) (14) has shifted in a range of 40.00-60.00 after a wild volatile swing from the reading around 74.00 corresponding to Wednesday’s high and around 20.00 on the lower side corresponding to the Thursday’s low.

Considering the filters and the ongoing price action, a range bound move is likely in the trading session going forward.

For an upside, bulls need to overstep 200-period EMA and Monday’s high, which coincides around 0.7194 and may send the major higher towards the trendline at 0.7218 and Friday’s high at 0.7237 respectively.

AUD/USD hourly chart