AUD/USD Price Analysis: Bulls approach 0.7100 ahead of RBA

• AUD/USD renews intraday high while extending the bounce off three-month low.
• Recovery remains elusive below 0.7090 hurdle, multiple hurdles to stop bears ahead of the yearly low.
• RBA is up for 0.15% rate hike but upcoming elections test buyers.
• Reserve Bank of Australia Preview: Will a 15 bps rate hike be enough to lift the aussie?

AUD/USD takes the bids to refresh intraday high around 0.7070 as bulls flex muscles ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting on early Tuesday.

The Aussie pair’s latest upside could be linked to the sustained break of the 100-SMA and immediate resistance line on the 15-Minutes chart amid bullish MACD signals.

The upside momentum, hence, eyes the 200-SMA level surrounding 0.7085.

AUD/USD: 15-minute chart

Trend: Pullback expected

However, a downward sloping trend line from April 21, near 0.7090 by the press time, holds the key to the AUD/USD pair’s further upside.

Should the pair rise past 0.7090, March’s low of 0.7165 will lure the buyers ahead of the key DMAs.

Alternatively, pullback moves may initially aim for the nearby support line close to 0.7030 ahead of the 0.7000 threshold.

Though, multiple levels marked since early December 2021 will challenge the AUD/USD bears weakness past-0.7000 around 0.6990.

AUD/USD: Daily chart

Trend: Pullback expected