AUD/USD Price Analysis: Bulls eye 0.7600 on rising channel breakout

• Rising channel breakout has exposed higher levels for the asset.
• A bullish cross of 20 and 200-period EMA at 0.7300 signals more upside.
• Bulls are firmer above 50% Fibo retracement at 0.7492.

The AUD/USD pair is continuing its three-day winning streak and is hovering around Thursday’s closing price at 0.7513. The major has extended its gains this week after surpassing March 7 high at 0.7441.

On the daily scale, AUD/USD has advanced above 50% Fibonacci retracement (placed from 25 February 2021 high at 0.8008 to January 28 low at 0.6966) at 0.7492. The major has given a breakout of a rising channel, which signals an expansion in ticks and volumes going forward. The lower end of the rising channel is placed from January 28 low at 0.6966 while the upper end is marked from January 13 high at 0.7315.

A bullish cross of 20 and 200-period Exponential Moving Averages (EMAs) at 0.7300 signals more upside.

The Relative Strength Index (RSI) (14) has registered a fresh high at 69.70, which signals a bullish rally ahead. The oscillator is not showing any sign of divergence and an oversold situation.

For more upside, bulls need to violate Thursday’s high at 0.7528, which will send the asset towards 28 October 2021 high at 0.7557. Breach of the latter will drive the asset to 61.8% Fibo retracement at 0.7613.

On the flip side, bulls may lose control if the major slip below Wednesday’s low at 0.7450. This will drag the asset towards 38.2% Fibo retracement and 200 EMA at 0.7369 and 0.7300 respectively.

AUD/USD daily chart