AUD/USD Price Analysis: Renews six-week high on the way to 0.7315 resistance

• AUD/USD picks up bids to refresh 1.5-month high inside bullish trend channel.
• Sustained break of the 100 and 200 DMAs join firmer RSI to favor buyers.
• 10-DMA acts as an additional downside filter before confirming bear’s return.
• Reuters’ poll suggests a modest 25 bps rate hike in June.

AUD/USD extends the latest north-run towards refreshing the six-week high around 0.7280 during Friday’s Asian session. In doing so, the Aussie pair rises for the third consecutive day while staying inside a three-week-long ascending trend channel.

In addition to the bullish channel, the quote’s successful break of the 200-DMA and the 100-DMA, respectively around 0.7260 and 0.7230, joins the firmer RSI to keep the AUD/USD buyers hopeful.

Also suggesting the pair’s further advances could be the recent Reuters poll indicating a 0.25% rate hike by the Reserve Bank of Australia (RBA), after the latest 0.50% lift to the benchmark rate.

Also read: RBA to raise rates a modest 25 bps in June, some call for 40 bps

That said, the quote’s current run-up eyes the stated channel’s resistance line, surrounding 0.7315.

However, the RSI conditions may challenge the quote’s upside past 0.7315, if not then the 61.8% Fibonacci retracement (Fibo.) of April-May downside, near 0.7345, will be in focus.

Alternatively, the aforementioned DMAs near 0.7260 and 0.7230 restrict the short-term AUD/USD pullback.

Following that, the support line of the bullish channel and the 10-DMA, close to 0.7185 and 0.7165 in that order, could test the pair sellers.

AUD/USD: Daily chart

Trend: Further upside expected